-ORC’s Final Warning to Over 500,000 Businesses
Time is running out for over 500,000 business names and 5,000 companies as the Office of the Registrar of Companies (ORC) prepares to delist them from its register by the end of December 2024.
This stern move, which comes after repeated reminders and a generous one-year grace period, aims to breathe new life into Ghana’s business registry.
Speaking at a stakeholder engagement, Registrar Jemima Mamaa Oware described the exercise as a necessary step to restore integrity to the registry and enforce compliance with the Companies Act, 2019 (Act 992).
“For business names, we are dealing with over 500,000. For companies, it’s about 5,000,” she disclosed. “If they fail to comply by year-end, it indicates they are not operating, and their names will be removed from the register.”
For businesses that have ignored their legal obligations, the consequences are not merely administrative. Delisted entities will face a 12-year ban on reusing their names unless reinstated through a court order. This effectively cuts them off from the marketplace and erects barriers to conducting transactions with government and private institutions.
Businesses that value their survival must act now. Filing overdue annual returns is not just about compliance, it’s a demonstration of commitment to staying active and relevant in an increasingly competitive business environment.
The ORC’s delisting exercise is just one part of a broader transformation agenda designed to modernize its operations.
At the heart of this effort is a state-of-the-art digital platform slated for full deployment in 2025. Currently in a pilot phase, the platform will provide businesses, NGOs, churches, and law firms with the tools to handle their operations online.
More than just a convenience, this digital shift will integrate the ORC’s processes with other key institutions, including the National Identification Authority (NIA), Ghana Revenue Authority (GRA), and Ghana Post.
Features such as online payments, Tax Identification Number (TIN) acquisition, and streamlined verification procedures promise to make doing business in Ghana easier and more transparent.
“The digital system is not only about efficiency,” Mrs. Oware remarked. “It’s about transparency and creating a business environment where public trust thrives.”
According to the ORC, this delisting exercise is a call for Ghanaian businesses to embrace accountability and adapt to modern standards.
