More than 500,000 companies are expected to be affected by this directive.
Speaking at a programme organised by the UK Ghana Chamber of Commerce, the Registrar of Companies, Jemima Oware, urged the recalcitrant firms to renew their certificates to avoid the removal of their names from the companies’ registrar.
“You need to file all your annual returns and financial position is mandatory 18 months after incorporation and then yearly thereafter. And if its business, it’s up to you to renew your certificate annually”.
“We have come out with the notice…we have over 500,000 business names we are going to strike-off the register. They have never renewed since they incorporated”.
Section 5A (2) of the Registration of Business Names Act, 1962 (Act 151) on Annual Renewals states that without prejudice to any other liability prescribed by this Act, a registration which is not renewed in accordance with this section shall lapse and the Registrar may remove from the Register the Business Name of the person whose registration has lapsed after the expiration of the period prescribed for the renewal.
She advised businesses that have not renewed their license to do so or face expulsion from the register.
“If you know you have a business name you haven’t renew, it is now ¢60; it used to be ¢25. So please make sure to renew it otherwise we will strike it off the register”.
She added that the whole idea by her outfit is to have accurate data in the register.