ORC to remove 500,000 Businesses, 5,000 Companies from register

The Office of the Registrar of Companies (ORC) has announced its intention to delist nearly 500,000 business names and 5,000 companies from its registry by the end of December 2024. 

This decision targets entities that have failed to submit their annual returns, despite a year-long grace period and repeated reminders.

Speaking at a stakeholder engagement event, Registrar Jemima Mamaa Oware explained that the initiative aims to bolster compliance and maintain the integrity of the ORC’s business registry. The move is part of a broader modernization agenda, which includes transitioning to fully digital operations by April 2025. This digital overhaul is expected to streamline processes such as business registration, renewal, and return filing, improving efficiency and accessibility for users.

“For business names, we are looking at over 500,000. For companies, it's about 5,000. These are entities we contacted earlier this year. If they don’t comply by the end of the year, it means they are likely not operational, and their names will be removed from the register,” Mrs. Oware stated.

She further noted that delisted entities would face restrictions, including a 12-year ban on reusing their names unless reinstated through a court order. Businesses that risk being delisted were encouraged to update their records and file outstanding returns to avoid penalties. Non-compliance with the Companies Act, 2019 (Act 992), she warned, could lead to significant consequences, such as being barred from engaging in transactions with both government and private organizations.

The ORC is set to fully transition to a digital platform by 2025, with a pilot program currently running alongside the manual system. This new system will enable businesses, NGOs, law firms, and other professional organizations to manage processes online.

The platform will integrate with various agencies, including the National Identification Authority (NIA), Ghana Revenue Authority (GRA), Ghana Post, ghana.gov, and the Institute of Chartered Accountants Ghana (ICAG). This collaboration aims to improve service efficiency, reduce manual processes, and enhance transparency.

Key features of the digital platform include simplified access to Tax Identification Numbers (TINs), online payment systems, and improved verification mechanisms. These upgrades are expected to provide easier access to information about registered businesses and organizations while fostering a more transparent and efficient business environment.

Mrs. Oware expressed optimism about the positive impact of these modernization efforts, highlighting how they would reduce turnaround times, improve operational accuracy, and facilitate smoother business transactions across the country.

The ORC remains committed to creating a more robust and streamlined business ecosystem, ensuring Ghana’s business registry keeps pace with global standards.