ORC announces GH¢ 1,000 penalty for business renewals after June 30

The Office of the Registrar of Companies says it will apply a monthly penalty of GH¢1,000 for all companies that fail to renew their businesses after June 30, 2024.

Mrs. Jemima Oware, Registrar of Companies, notes that such a decision would depend on the responsiveness of businesses, particularly those in the informal sector, in reregistering their businesses from now until the end of the month.

Speaking to leaders of some market associations on Monday, June 24, 2022, Mrs. Oware said that a number of traders did not know about the existence of the office of registrar of companies and the need to reregister their businesses.

“I had already sent out the company inspectors on an inspection, and the report that came out was that many of these traders didn’t know first of all about our existence as the new Office of Registrar of Companies. They also didn’t know there was a need for them to renew their businesses or to file their annual returns and financial statements.”

Mrs. Oware noted that her office decided to first meet with the leadership of the associations to educate them in order for them to pass it on to their members. 

According to her, their inspectors will in the coming days go back to their traders to follow up on compliance, during which traders who still have any challenges renewing their business registration will be assisted.

She also shared information regarding the process of renewing businesses, particularly in the informal sector, most of which are sole proprietorships.

“With the ‘Business Names’, you can renew on *222# without having to walk into our offices. Those who can also renew by that method can walk into our offices.”

“I want to put it on record. Do not let any charlattan convince you to pay any money to them to come and pay on your behalf. The ORC does not have a mobile account number. Come to the onsite bank if you have to come to our offices and make any payments. And we have the Ghana.gov platform, where that money will go. As an organisation, we do not have a momo number.”

“The fee for renewing a business name is just Gh¢60. The fee for renewing a company is just Gh¢ 90.”

Mrs. Oware additionally warned that “the penalty now [for non-renewal] is Gh¢600, but its going to go up from 1st July to Gh¢1,000; and Gh¢1,000 every month as it continues.

The Registrar of Companies said that an amnesty request from the associations for an extension of the deadline by 3 months will depend on how many of their members come in to renew their business.

“It’s just today that I have talked to them, and they have asked me to give them an amnesty, that is, the market associations and all that, so I am looking at the end of June, depending on how many people come. And if they do not [complete it by June 30], we would then know how to move it, maybe just up to September, and that is about it. The penalty would still definitely come.

She further stated that all inactive companies, including clubs and churches, would be struck out of the register after June 30, and the same was published in the gazette.