The Office of the Registrar of Companies (ORC) has initiated proceedings to deregister approximately 8,531 companies from its register.This move comes as a result of these companies failing to file their annual returns, along with the required fees and financial statements, for a period exceeding two years.The deregistration process is anticipated to conclude by May 2024.

0

The ORC clarified that it had to take this step following two years of extensive awareness campaigns and numerous publications regarding these non-compliant companies in the media and on its official website, as mandated by the Companies Act, 2019 (Act 992).“Despite all the efforts by the Office of the Registrar of Companies to encourage stakeholders to file their returns, some companies have still not complied with this directive”.

1

The ORC emphasized that the affected companies still have the opportunity to rectify their status by submitting their annual returns along with their audited financial statements to the office by the end of May 2024, before the process of striking off companies is finalized.Furthermore, the ORC stated that companies whose names are removed from the register will be prohibited from conducting business under that name for a period of 12 years.

2

Restoration of these companies can only occur if a court finds sufficient cause and issues an order directing the Registrar of Companies to restore the delisted name.Additionally, the registrar cautioned these companies against making any payments to Mobile Money Accounts in the name of the Office of Registrar of Companies or the Registrar-General Department under any circumstance.

3

“The Office does not operate or have a ‘Momo’ Account neither has the Office authoris.ed any person to act on its behalf in striking off names of Companies in default”.The Office of the Registrar of Companies has additionally announced that it will commence the implementation of an administrative penalty of GH¢1,000 against companies in default, starting from May 1, 2024.

4

This measure aligns with the provisions outlined in the Companies Act of 2019.

5