The Office of the Registrar of Companies (ORC) has initiated the process of removing approximately 8,531 companies from its register.
This decision has been prompted by the failure of these companies to submit their annual returns, along with the required fees and financial statements, for a period exceeding two years, according to the ORC.
The removal process is anticipated to be completed by May 2024.
The ORC clarified that this action has been necessitated after two years of extensive awareness efforts and numerous publications of the defaulting companies in various media outlets and 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”.
The ORC emphasized that the affected companies still have the opportunity to rectify their status by filing their annual returns along with their audited financial statements with 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.
However, these companies can only be reinstated by the Registrar of Companies upon receipt of a court order directing the restoration of the delisted name, provided there is sufficient cause.
The registrar also cautioned these companies against making payments to any Mobile Money Account under the name of the Office of Registrar of Companies or the Registrar-General Department under any circumstances.
The Office of the Registrar of Companies has announced that, starting from May 1, 2024, it will begin implementing an administrative penalty of GH¢1,000 against companies that are in default. This measure aligns with the provisions of the Companies Act 2019.