The Registrar General, Jemima Oware
• The Registrar General has urged young entrepreneurs to form a partnership business
• Jemima Oware said through that, parties can exchange ideas that could help the business grow
• More than 300,000 companies have been confirmed as dead companies in the register of the Registrar General’s Department
The Registrar General, Jemima Oware, has advised young entrepreneurs to consider forming a partnership rather than going into sole proprietorship.
She said most youths do not understand the conditions of registering a business, hence, they rush into doing business and within a short period, the business dies off.
Speaking on Accra-based JoyNews in an interview monitored by GhanaWeb, Mrs Oware said young entrepreneurs should concentrate on partnerships since it does require stringent conditions and both parties could share ideas that can help the business grow.
“I’d advise that young people stay with business name or partnership and as the business grows, you can always change it into a limited liability company. It’s allowed; you can convert it from a business name into a limited liability company and at that level, you would have grown the business to the stage that you can afford a company secretary, you can afford an auditor- you need an auditor, a qualified chartered accountant,” she said.
She also added that partnerships will help the parties involved save themselves from the expensive returns that companies make every 18months. She said this has been difficult for people to pay and has led to the collapse of their companies.
“Now, these are very expensive professionals and that’s the kind of expertise we require in a company. So, if you are not ready for it don’t go for it. They are a very strict requirement, you are supposed to be filing returns 18 months after incorporation and then yearly thereafter,” she further said.
Meanwhile, the Registrar General’s Department has confirmed that more than 300,000 businesses are now dead firms.