The Office of the Registrar of Companies (ORC) has disclosed that approximately 500,000 business names and 5,000 companies could be removed from its register by December 2024.Registrar of Companies, Mrs. Jemima Mamaa Oware, explained that this decision stems from the failure of these entities to submit their annual returns, despite receiving a one-year extension and regular reminders.Addressing the media during a stakeholder engagement, Mrs.

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Oware stated that the delisting initiative seeks to promote compliance and improve the accuracy of the ORC’s business registry.She further mentioned plans to introduce digital services in April 2025, aimed at streamlining operations and enhancing efficiency in business registration and related processes.“For business names, it’s over 500,000, but for companies, it’s a sample of about 5,000...

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Those whose names are going to go off are those who we sent information to at the beginning of the year.“If by the end of this year, you haven’t complied, that means you are not doing business, and when we take it off, within the next 12 years, you cannot have your name used by anybody until you go to court to have it reinstated,” she said.Mrs.

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Oware urged businesses facing delisting to promptly update their records and submit their annual returns to avoid removal from the register.She emphasized that failing to meet the December 2024 deadline under the Companies Act, 2019 (Act 992), would have severe consequences, including restrictions on conducting business with government and private entities.Addressing the ORC’s digital transformation, Mrs.

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Oware announced that a pilot program was currently being conducted using the existing manual system.Upon successful completion, the digital rollout will enable businesses to handle registrations, renewals, record updates, fee payments, and annual return filings entirely online.

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The system will also simplify the process of obtaining tax identification numbers for businesses, churches, NGOs, audit firms, and legal practices while improving access through the digital addressing system.This digital transition forms part of the ORC’s larger plan to modernize operations and simplify business registration procedures.

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The initiative will integrate the ORC’s platform with systems from the National Identification Authority (NIA), Ghana Revenue Authority (GRA), Ghana Post, ghana.gov, and the Institute of Chartered Accountants Ghana (ICAG).This integration aims to reduce manual interventions, enhance operational efficiency, and improve service delivery.

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It will also grant the public easier access to information on registered companies and professional organizations.Mrs. Oware added that the digital system would result in more precise accounting and verification, faster service turnaround times, and smoother business transactions nationwide.

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