Business registration is not a lifetime policy - ORC

The Office of the Registrar of Companies (ORC) has emphasised that business registration is not a lifetime commitment, highlighting the need for periodic renewal.

Registrar of Companies, Jemima Mamaa Oware, spoke with market associations in Greater Accra last week, noting a lack of awareness among traders regarding the necessity to re-register their businesses and file annual returns.

In response, the ORC is actively engaging with stakeholders to educate them about renewal requirements.

During the engagement, Madame Oware stated that many traders were unaware of the obligation to renew or submit financial statements.

She mentioned that ORC inspectors would assist traders facing renewal problems to facilitate compliance.

Madame Oware also clarified the straightforward renewal process, including options like *222# for mobile renewals and payments through Ghana.gov to prevent fraud.

She, however, cautioned against unauthorized payments, stating that the ORC does not use mobile money accounts.

“I want to put it on record that we do not use Mobile Money accounts, so do not let any charlatan or middleman convince you to pay any money to them to come and pay on your behalf. It is best to come to the onsite bank if you have to visit our offices and make any payments,” the Registrar of Companies said.

“We also have the Ghana.gov platform where that money will go, but I want to emphasize that as an organization, we do not have a Mobile Money number for payments,” she added.

Regarding appeals for deadline extensions, Madame Oware mentioned considering amnesty requests from market associations based on renewal participation rates, adding that potential extensions hinge on business owners’ responsiveness, with penalties escalating after July 1, 2024.

This proactive approach, the ORC believes, is aimed at streamlining the renewal process while ensuring compliance to support businesses, particularly in the informal sector.

Meanwhile, effective June 30, 2024, businesses failing to renew will face penalties, starting at GH¢1,000 monthly.

Additionally, the fee for renewing a business name is GH¢60, while the fee for renewing a company is GH¢90.

NOQ/OGB