ORC to Delist Over 500,000 Business Names and 5,000 Companies by end-December 2024
The Office of the Registrar of Companies (ORC) has announced its intention to delist approximately 500,000 business names and 5,000 companies from its register by the close of December 2024.
The move targets businesses and professional organizations that have failed to file their annual returns, despite receiving a one-year grace period and numerous reminders.
Speaking at a stakeholder engagement, Registrar Jemima Mamaa Oware stated that the delisting exercise aims to enhance compliance and improve the integrity of the ORC’s registry. The initiative forms part of a broader strategy to modernize the ORC’s operations, which includes transitioning to a fully digital system by April 2025.
Compliance Deadline and Consequences
“For business names, we are dealing with over 500,000. For companies, it’s about 5,000. These are entities we reached out to earlier this year. If they fail to comply by year-end, it indicates they are not operating, and their names will be removed from the register,” Mrs. Oware explained.
Delisted entities will face significant restrictions, including a 12-year prohibition on reusing their names without a court order for reinstatement. The Registrar urged affected businesses to act swiftly by updating their records and filing overdue returns.
Non-compliance with the Companies Act, 2019 (Act 992), she warned, could lead to severe repercussions, including restrictions on conducting transactions with both government and private institutions.
Transition to Digital Services
As part of its modernization agenda, the ORC is set to roll out a digital platform in 2025. Currently, a pilot program is running parallel to the manual system.
The digital platform will enable businesses, including churches, NGOs, and law firms, to manage various operations online. It will integrate with institutions such as the National Identification Authority (NIA), Ghana Revenue Authority (GRA), Ghana Post, ghana.gov, and the Institute of Chartered Accountants Ghana (ICAG).
The system aims to enhance efficiency by simplifying processes like Tax Identification Number (TIN) acquisition, online payments, and verification procedures.
Mrs. Oware highlighted the platform’s role in boosting transparency and providing public access to information on registered entities.
Strengthening Ghana’s Business Landscape
The ORC’s modernization drive is expected to significantly improve service delivery, operational accuracy, and transaction efficiency across Ghana’s business environment.
By enhancing compliance and adopting digital tools, the ORC aims to foster a streamlined and robust business ecosystem, positioning Ghana as a competitive hub for commercial activities.
