The Office of the Registrar of Companies (ORC) is taking stringent action against more than 500,000 businesses for failing to meet filing requirements, with plans to delist them by the end of June 2024.
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These businesses, including over 8,000 companies limited by shares and 500,000 business names, have neglected to file their annual returns, jeopardizing their good standing.
Despite receiving multiple notices and reminders over the past two years, these entities have not adhered to compliance requirements.
Initially set for the end of 2023, the deadline was extended to provide additional time for businesses to comply after extensive public education efforts.
Registrar of Companies, Jemima Mamaa Oware, emphasized that companies struck off the register face severe consequences, including a prohibition from conducting business under their company name for twelve years, in accordance with Section 289 (5) of the Companies Act 2019 (Act 992).
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Similarly, business names will lose their exclusive rights and enter the public domain upon deregistration, as outlined in Section 59(A) of the Registration of Business Names 1962 (Act 151).
Restoration of a company’s name to the register requires a court order, signifying sufficient cause for such action, as stipulated in Section 289 (7) of the Companies Act 992.
The ORC underscores the significance of filing annual returns for maintaining compliance and transparency within the business community, emphasizing that failure to do so undermines public trust and legal standing.
Businesses in default are urged to file their Annual Returns and Renewals before the validation process concludes on June 30, 2024, to avoid delisting.
Stakeholders are encouraged to comply to uphold the integrity of the business environment and foster trust among investors, consumers, and the public.
Defaulting companies can review the list of affected entities slated for removal from the register on the ORC’s website.
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