{"id":264786,"date":"2024-12-13T08:03:25","date_gmt":"2024-12-13T08:03:25","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/12\/13\/500000-business-names-5000-companies-to-be-removed-from-orc-list-december-31\/"},"modified":"2024-12-13T08:03:25","modified_gmt":"2024-12-13T08:03:25","slug":"500000-business-names-5000-companies-to-be-removed-from-orc-list-december-31","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/12\/13\/500000-business-names-5000-companies-to-be-removed-from-orc-list-december-31\/","title":{"rendered":"500,000 business names, 5,000 companies to be removed from ORC list December 31"},"content":{"rendered":"<p><\/p>\n<div>\n<p>\u00a0A total of 500,000 business names and 5,000 companies will be deleted from the list of the Office of the Registrar of Companies (ORC) on December 31, 2024, the Registrar of Companies, Mrs Jemima Oware, has said.<\/p>\n<p>According to her, ORC would strike off all companies and business names that have failed to comply with a notice sent early this year to them to file their annual returns and financial statements before December 3, 2024.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/ghanaiantimes.com.gh\/wp-content\/uploads\/2024\/12\/Mrs-Oware-seated-middle-flanked-by-some-Executives-of-ORC-and-stakeholders-after-the-engagement-1024x768.jpg\" alt=\"\" class=\"wp-image-180639\" srcset=\"https:\/\/ghanaiantimes.com.gh\/wp-content\/uploads\/2024\/12\/Mrs-Oware-seated-middle-flanked-by-some-Executives-of-ORC-and-stakeholders-after-the-engagement-1024x768.jpg 1024w, https:\/\/ghanaiantimes.com.gh\/wp-content\/uploads\/2024\/12\/Mrs-Oware-seated-middle-flanked-by-some-Executives-of-ORC-and-stakeholders-after-the-engagement-300x225.jpg 300w, https:\/\/ghanaiantimes.com.gh\/wp-content\/uploads\/2024\/12\/Mrs-Oware-seated-middle-flanked-by-some-Executives-of-ORC-and-stakeholders-after-the-engagement-768x576.jpg 768w, https:\/\/ghanaiantimes.com.gh\/wp-content\/uploads\/2024\/12\/Mrs-Oware-seated-middle-flanked-by-some-Executives-of-ORC-and-stakeholders-after-the-engagement.jpg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption class=\"wp-element-caption\">\u2022<br \/>Mrs Oware (seated middle) flanked by some executives of ORC and stakeholders after the engagement<\/figcaption><\/figure>\n<p>\u201cSo if by the end of this year, these 5,000 companies and 500,000 business names hav\u00aden\u2019t complied, that means they are not doing business anymore and we will take them off our register,\u201d she said.<\/p>\n<p>Speaking at a stakeholder engagement in Accra yesterday, Mrs Oware said all compa\u00adnies that had been in default for years would be removed from the register.<\/p>\n<p>The stakeholder engagement organised by ORC, was on the theme; \u201cStrengthening part\u00adnership for effective corporate governance\u201d.<\/p>\n<p>The engagement seeks to update stake\u00adholders on some few changes in the ORC system since its establishment in 2019 by the passage of the Companies Act, 2019 Act 992.<\/p>\n<p>The Registrar noted that, the establishment of ORC came with a number of changes that most businesses have to be aware of and comply with henceforth.<\/p>\n<p>Some of these changes, she said, all busi\u00adnesses need to change the suffixes at the end of their names to ensure that the ORC could easily identify and distinguish it from all other companies and businesses that were regis\u00adtered with them.<\/p>\n<p>Mrs Oware explained that a company limit\u00aded by shares, that has been using \u201climited\u201d at the end of its name, now needs to change to either \u201cL-T-D or limited company\u201d, adding that for companies limited by guarantees, such as churches, associations, clubs, that normally have \u201cfoundation or organisation\u201d at the end of its name, needed to change the end to L-B-G or limited by guarantee.<\/p>\n<p>\u201cFor publicly listed companies, currently listed on the stock exchange, that still have limited at the end of their names, You have to change it to P-L-C or publicly listed com\u00adpanies, with that, if we are able to see that, then we are sure that at least you have filed your annual returns, you have updated us with your records,\u201d she said.<\/p>\n<p>Mrs Oware stressed that companies were supposed to file their annual returns 18 months after incorporation and then yearly thereafter.<\/p>\n<p>Under the Ghana Economic Transforma\u00adtion Project, she said ORC was developing a state-of-the-art and robust software to migrate the office to a fully digital registration system to be known as the E-Business Regis\u00adtry System (EBRS).<\/p>\n<p>According to her, the software would be deployed by April next year with the objective of increasing the usability of online business registration service, by replacing the existing system with a \u201cbest of breed\u201d online business system.<\/p>\n<p>Mrs Oware said the deployment of the software would reduce the turnaround time for their service delivery and improve ease of doing business in Ghana to attract investors to into the economy.<\/p>\n<p>\u00a0BY CECILIA YADA LAGBA<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0A total of 500,000 business names and 5,000 companies will be deleted from the list of the Office of the Registrar of Companies (ORC) on December 31, 2024, the Registrar of Companies, Mrs Jemima Oware, has said. According to her, ORC would strike off all companies and business names that have failed to comply with [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":264787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-264786","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>500,000 business names, 5,000 companies to be removed from ORC list December 31 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/12\/13\/500000-business-names-5000-companies-to-be-removed-from-orc-list-december-31\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"500,000 business names, 5,000 companies to be removed from ORC list December 31 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"\u00a0A total of 500,000 business names and 5,000 companies will be deleted from the list of the Office of the Registrar of Companies (ORC) on December 31, 2024, the Registrar of Companies, Mrs Jemima Oware, has said. 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