ORC strikes off 163 companies from register

The Office of the Registrar of Companies (ORC) has taken decisive action to maintain regulatory compliance and ensure the integrity of Ghana’s business environment by striking off 163 companies from the Companies Register as of June 30, 2024.

 The companies were removed in accordance with the Companies Act, 2019 (Act 992), under provisions related to cessation of business, dissolution without full winding up, and private liquidation.

This move comes after the ORC issued an ultimatum, requiring companies in default to file their Annual Returns and Financial Statements. In response to this ultimatum, the ORC received requests from company officials and shareholders to voluntarily dissolve their companies. Consequently, an additional 457 companies have been earmarked for dissolution and strike off. The ORC has initiated the dissolution process for these companies and is calling on the general public and creditors to provide any relevant information.

The ORC also announced plans to strike off a further 8,895 companies currently in default by September 30, 2024. These companies were selected as part of a sampling process, and those that have yet to comply with filing requirements will face dissolution and removal from the register after a validation process. However, companies that meet the requirements before the deadline will not be removed.

In a bid to enforce compliance and encourage timely submissions, the ORC will implement a penalty of GHC1,000.00 per month, effective October 1, 2024, for companies that fail to submit their Annual Returns and Financial Statements by the September 30 deadline. This penalty is intended to ensure that companies adhere to their statutory obligations and contribute to the transparency and accountability of the business environment.

The ORC also issued a reminder that companies removed from the register are prohibited from conducting business under their company name for 12 years. Restoration of a company’s name to the register can only be achieved through a court order, following a finding of sufficient cause by the court. The ORC emphasized its commitment to promoting regulatory compliance, fostering a conducive business environment, and upholding the highest standards of corporate governance. By taking these actions, the ORC aims to build trust and confidence among investors, consumers, and the public, ensuring a stable and transparent business landscape in Ghana.