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Business News of Tuesday, 16 August 2022

Source: www.ghanaweb.com

Registrar-General’s Department will no longer be responsible for business registration – ORC

Jemima Oware, Registrar of Companies, ORC Jemima Oware, Registrar of Companies, ORC

The newly established Office of the Registrar of Companies (ORC) is now the mandated public institution responsible for the registration of businesses in the country.

This comes after President Nana Addo Dankwa Akufo-Addo recently launched the ORC which has been established by the Companies Act 2019, (Act 992) and hived off from the Registrar-General’s Department (RGD) as a separate financially autonomous office.

A statement issued by the ORC and sighted GhanaWeb explained the Office will also regulate all types of business entities in Ghana, phasing out the former functions of the Registrar General Department.

“The Registrar-General’s Department (RGD) will no longer be responsible for Business registrations in Ghana. However, the Department would perform other functions which would include the registration of Marriages, registration of Industrial Property Rights, registration of Public Trusts and Administration of Estates,” part of the statement read.

It further explained that RGD was meant to temporarily perform the functions of the Registrar of Companies which is now being carried out under the ORC from the onset.

“The ORC should have been set up 55 years ago but has now been established in line with the original intent of the framers of the Companies Act, 1963, (Act 179),” the statement added.

Meanwhile, key functions of the newly established ORC will include Private/Public Companies which are Limited /Unlimited by Shares, Public/Private Companies Limited by Guarantee, External Companies, Sole Proprietorships, Subsidiary Business Names, Partnerships, Limited Partnerships and Professional Bodies.

Other functions include, serving as the Regulator of Insolvency Practitioners under the Corporate Insolvency and Restructuring Act 2020 (Act 1015) and its Amendment, (Act 1031), as well as, the Official Liquidator for Government Institutions.

The ORC is expected to manage its own finances and fixed assets and appoint Inspectors, Receivers or Managers to ensure effective compliance with the Companies Act, 2019(Act 992).

MA/ESA

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