The Office of the Registrar of Companies (ORC) has stressed that business registration is not permanent and requires periodic renewal.
Registrar of Companies Jemima Mamaa Oware, in a meeting with market associations in Greater Accra, highlighted the lack of awareness among traders about the need to re-register their businesses and submit annual returns.
In an effort to address this, the ORC is actively educating stakeholders on renewal requirements.
Madame Oware revealed that many traders were unaware of their obligations to renew their registrations and file financial statements.
She assured that ORC inspectors would assist traders with renewal issues to ensure compliance.
Madame Oware outlined the simple renewal process, including mobile renewals via *222# and payments through Ghana.gov to prevent fraud.
She emphasized that the ORC does not use mobile money accounts and warned against unauthorized payments, advising traders to make payments at the onsite bank or through Ghana.gov.
She also addressed the possibility of extending renewal deadlines, mentioning that the ORC is considering amnesty requests from market associations based on participation rates.
However, she noted that any extensions would depend on business owners’ responsiveness, with penalties increasing after July 1, 2024.
From June 30, 2024, businesses that fail to renew will incur monthly penalties starting at GH¢1,000.
The renewal fee for a business name is GH¢60, and for a company, it is GH¢90.
The ORC’s initiative aims to streamline the renewal process and ensure compliance, particularly within the informal sector.