According to the Office of the Registrar of Companies (ORC), a total of 719,973 registered businesses in Ghana are not in good standing.
By The Numbers
The Office of the Registrar of Companies (ORC) has registered a total of 1,023,715 business entities since 2011.
However, as of June 30, 2023, about 257,038 of these registered entities are in good standing.
What Happens Next
The ORC has therefore decided to extend the deadline for filing annual returns and renewals to September 30, 2023.
This extension is intended to allow companies and businesses in default to complete the necessary processes for filing their annual returns and renewals.
These include companies limited by shares, companies limited by guarantee, external companies, partnerships, business names (sole proprietorships), and subsidiary business names.
What They’re Saying
“The deadline-extension is to enable Companies and Businesses in default to complete the processes for filing their annual returns and renewals, which they invariably could not complete due to the downtimes experienced by our software application system throughout the period,” the Registrar of Companies, Jemima Mamaa Oware.
The Bigger Picture
If companies and businesses fail to comply with the extended deadline, the ORC will initiate the process of striking off these entities from the register by end-September 2023 per Section 5A (2) of the Registration of Business Names Act, 1962 (Act 151).
Source: Business and Financial Times
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