The Office of the Registrar of Companies (ORC) has issued a stern warning to businesses and organizations across Ghana: failure to comply with regulatory requirements will lead to mass delisting from its records by the end of December 2024. This crackdown targets over 500,000 business names and 5,000 registered companies that have failed to file their annual returns, despite repeated extensions and reminders.
Registrar of Companies, Mrs. Jemima Mamaa Oware, emphasized that the initiative is part of broader efforts to clean up the ORC’s register and ensure regulatory compliance. She made the announcement during a stakeholder engagement session, where she shed light on the looming consequences for defaulters.
“Businesses that fail to file their annual returns by the deadline will be struck off the register. This signals inactivity, and their names will be barred from reuse for 12 years unless reinstated by a court order,” Mrs. Oware cautioned.
A Push for Compliance and Modernization
The ORC’s delisting exercise is part of an overarching strategy to streamline its business registry. The exercise aims to improve data quality, ensuring that only compliant and active businesses remain in the system. Mrs. Oware urged defaulting businesses to take immediate action, warning that non-compliance with the Companies Act, 2019 (Act 992) could jeopardize their ability to transact with both government and private entities.
The delisting will have significant repercussions for defaulters, as their inability to meet filing requirements may be interpreted as dormancy. Businesses removed from the register will face additional administrative hurdles if they wish to restore their status in the future.
Towards a Digital Transformation
To further improve efficiency, the ORC is preparing for a significant shift toward digital service delivery, slated for full deployment in April 2025. A pilot project using the current manual system is already underway, laying the groundwork for this digital transition.
The new digital platform will enable businesses to perform various tasks online, including registration, renewal, amendment of records, payment of fees, and filing of annual returns. The system will also simplify the acquisition of tax identification numbers and provide seamless integration with the digital addressing system.
Multi-Agency Integration for Improved Efficiency
The digital transformation will not only modernize the ORC’s operations but also enhance accessibility by integrating its systems with key institutions such as the National Identification Authority (NIA), Ghana Revenue Authority (GRA), Ghana Post, ghana.gov, and the Institute of Chartered Accountants Ghana (ICAG).
This integration will allow for a more coordinated approach to business registration and regulatory compliance, reducing human intervention and boosting operational efficiency. The new system will also make it easier for the public to access information about registered businesses, NGOs, and professional organizations, while ensuring accurate verification processes.
A Call to Action
The ORC has been relentless in urging businesses and professional bodies to update their records and comply with the law. With the clock ticking, businesses are encouraged to act swiftly to avoid the severe consequences of being delisted.
The upcoming digital transformation is expected to set a new standard for business registration and management in Ghana, offering a streamlined and user-friendly experience. For now, the focus remains on compliance, ensuring that only legitimate and active businesses can benefit from the enhanced services the ORC is poised to deliver.