ORC Initiates Removal Process for Over 8000 Non-Compliant Companies

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The Office of Register of Companies (ORC) has commenced procedures to delist approximately 8,531 companies from its register due to their failure to submit annual returns, required fees, and financial statements for a period exceeding two years. 

This measure, necessitated by the Companies Act, 2019 (Act 992), seeks to address non-compliance among these entities and reinforce regulatory standards within the corporate sector. The delisting process is scheduled to conclude by May 2024.

READ ALSO: BoG to Convene Meeting on Unauthorized Deductions in Mobile Money Transfers

Basis for Removal
Despite extensive outreach efforts, including public notices and official communications, the ORC has identified persistent non-adherence to regulatory obligations among the affected companies. The inability of these entities to fulfill their statutory reporting requirements has prompted the ORC to initiate the delisting process after exhausting all avenues for compliance.


Implications for Defaulting Companies
Companies slated for removal face a 12-year restriction from conducting business under the delisted names. Restoration can only occur upon court intervention, where sufficient cause is established, and a court order is issued to the Registrar of Companies for reinstatement. The ORC cautions against fraudulent demands for payments, emphasizing that no Mobile Money Account in the name of the Office of Registrar of Companies or Registrar-General Department exists for such transactions.

Additional Compliance Measures
To bolster regulatory adherence and deter non-compliance, the ORC announced the implementation of administrative penalties starting from May 1, 2024. Defaulting companies are subject to a financial penalty of GH¢1,000, aligning with the provisions of the Companies Act 2019. This proactive measure serves to incentivize timely reporting and foster a culture of regulatory compliance among corporate entities.

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