Matters Arising

ORC strikes off over 500,000 businesses from its register

2 Mins read

ORC strikes off over 500000 businesses from its register

The Office of the Registrar of Companies (ORC) has begun steps to remove the names of some 513,338 businesses from the companies’ registrar for non-renewal of certificates.

Announcing the decision in a statement to B&FT, the Registrar of Companies, Jemima Mamaa Oware, said the development leaves the names open to be used by anyone interested in them – and is in line with Section 5A (2) of the Registration of Business Names Act, 1962 (Act 151) on Annual Renewals which states that: “Without prejudice to any other liability prescribed by this Act, a registration which is not renewed in accordance with this section shall lapse and the Registrar may remove from the Register the Business Name of the person whose registration has lapsed after the expiration of the period prescribed for the renewal”.

“Therefore, to avoid such Business Names falling into the public domain, and for anyone of interest to use it after it has been struck off the Business Name Register, all Business Name Owners are entreated to renew their Business Names before the end of April 2023,” she said.

The ORC last month served warning of clamping down on businesses and entities in its books that have not renewed their registration with the office three months after expiry of their registration.

Meanwhile, the OCR is expected – for the very first time from June 1, 2023 – to commence full implementation of section 126(7) of the Companies Act, 2019(Act992) which states that: “Where a company defaults in complying with the filing of annual returns and financial statements, the company and every officer of the company that is in default is liable to pay to the Registrar an administrative penalty of twenty-five penalty units for each day during which the default continues”.

See also  Wagner Group and Yevgeny Prigozhin: Implications for African Stability Following His Death

A penalty unit is established by the Fines (Penalty Units) Act 2000 (Act 572), and the current monetary value per penalty unit is GH¢12.

“This means that effective June 1, 2023, an administrative charge of GH¢300 will be charged for each day the default continues against the Company and every officer of the Company until section 126 (7) is complied with,” Mrs. Oware stated.

President Akufo-Addo launched the ORC last year after a 15-year wait, with hopes that the Office would take charge of the administration and registration of companies in the country.

The vacuum created by absence of an ORC contributed to the weak system of supervision for companies in the country; therefore, its setting up is expected to bring dynamism to the business environment.

 

Source: Thebftonline.com

Related posts
AmericaAsiaBusinessChinaGlobal 360Matters Arising

Report Shows 4.3% YoY Decline in US Exports to China in 2023 Amid Trade Turmoil

2 Mins read
Report Shows 4.3% YoY Decline in US Exports to China in 2023 Amid Trade Turmoil Led by a decline in agricultural goods and semiconductor shipments, the…
Matters Arising

KPMG Takes Bold Step in Crime Reduction by Hiring Former Prisoners

1 Mins read
KPMG Takes Bold Step in Crime Reduction by Hiring Former Prisoners One of Britain’s Big Four accountancy firms is hiring former prisoners…
Matters ArisingTechnology

Microsoft Bars Employee Access to Perplexity AI, Impacting Azure OpenAI's Major Customers

1 Mins read
Microsoft Bars Employee Access to Perplexity AI, Impacting Azure OpenAI’s Major Customers Microsoft is blocking employee access to Perplexity AI, one of the…

Leave a Reply

Your email address will not be published. Required fields are marked *