ORC starts deleting names of businesses that have defaulted in renewals

The Office of the Registrar of Companies (ORC) has issued a notice that it has commenced deleting all business names which have defaulted in the renewal of names.

According to the ORC, the registration of business names Act,192 (Act 151) on annual renewals, states that a registration that is not renewed should be removed from the business name of a person whose registration has lapsed after the expiration of the period prescribed for the renewal.

In a press statement, the office maintained that failure to renew a business name (Sole proprietorship or a Subsidiary business name for 3 months after the year has ended leaves the name open to be used by anyone.

“The Office of the Registrar of Companies (ORC) wishes to inform all Business Name Owners (Sole Proprietorships) that the Office has commenced the process of striking off Business Names which have lapsed from the Business Names Register for defaulting in their Renewal.

“This exercise is in line with Section 5A (2) of the Registration of Business Names Act, 1962 (Act 151) on Annual Renewals which reads that: “without prejudice to any other liability prescribed by this Act, a registration which is not renewed in accordance with this section shall LAPSE and the Registrar may remove from the Register the Business Name of the person whose Registration has lapsed after the expiration of the period prescribed for the renewal,” part of the statement read.

The statement added that business owners who want to avoid their business names falling into the public domain should endeavour to renew their business names before the end of April 2023.

“Therefore, to avoid such Business Names falling into the public domain and for anyone of interest to use it after it has been struck off the Business Name Register, all Business Name Owners are entreated to renew their Business Names before the end of April 2023,” the statement added.

Read the full statement below;