All existing companies to file beneficial ownership details by October 30-ORC
By DL News
Published
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In a press release issued on Tuesday, July 1, the ORC announced that companies incorporated before the electronic collection of BO data began in January 2020 must update their records within a three-month grace period, starting July 1 and e...
The Office of the Registrar of Companies (ORC) is urging all existing companies in Ghana to submit their Beneficial Ownership (BO) information by October 30, 2025, or risk facing stiff penalties.
In a press release issued on Tuesday, July 1, the ORC announced that companies incorporated before the electronic collection of BO data began in January 2020 must update their records within a three-month grace period, starting July 1 and ending October 30, 2025.
This directive is in accordance with the Companies Act, 2019 (Act 992) and the Companies Regulation, 2023 (L.I. 2473), which require every company to disclose individuals who ultimately own, control, or influence the company’s operations.
The categories of companies expected to comply include private and public companies limited by shares, companies limited by guarantee, unlimited liability companies, and external companies.
The Acting Registrar of Companies, Mrs. Maame Samma Peprah, warned that any company that fails to comply will incur an administrative penalty of twenty-five penalty units for each day of default. Individuals who knowingly provide false or misleading information may also face fines of up to 250 penalty units, imprisonment of up to two years, or both, in accordance with Section 359(14) and (15) of Act 992.
The ORC says it is intensifying efforts to ensure full compliance and encourages companies to seek clarification through its official contacts or via its social media platforms @ORCGhana.
