This is in a bid to facilitate business operations and improve the quality of services for people who are doing businesses in the country.
Duties of the Registrar of Companies in Ghana is now separated from the Registrar General’s Department, here’s where to your register businesses currently
The new Companies Act of Ghana has separated the duties of the Registrar of Companies from the Registrar General’s Department (RGD).
Under the old Companies Law, the RGD was responsible for the registration of companies, partnerships, business-names, marriages, adoptions, property rights among others, which overburdened it to deliver quality services.
However, with the hive-off, the RGD will now focus on all other duties and leave anything related to business operations for the Registrar of Companies to handle.
The new Act also requires the two registries to retain internally generated funds to carry out their operations.
The Registrar General, Jemima Oware while commenting in an interview during a Meet the Regulator Series forum organised by Ernst and Young in Accra on the new initiative, noted that her outfit is bracing up and mobilising resources to create the new office.
“There is going to be a hive-off. There is going to be a new office set up that will be known as Registrar of Companies. So, we have to make sure we have the building in place; the structures and software upgraded, and our forms changed to comply with the new Company’s Act. We are expecting to use internally generated funds to carry out all these changes,” she said.
Adding that “The new office will be registering companies, business-names, partnerships, professional bodies, among others. We will also have a beefed-up inspectorate division, which will enable us to inspect companies; and we will also be doing more public education and sensitisation.”
“So those activities that were part of the registrar general and have to do with business are going to be hived-off for the office to focus on business activities,” the Registrar General said.
Other changes in the new Act
The ultra vires rule has also been abolished. The new Act no longer requires companies to file an object clause which limits activities it can engage in. Rather, companies can now engage in multiple activities; only it will have to state sectors it will be operating in.
Another significant change that has been introduced is the emphasis given to the work of a company secretary. Directors of a company can only appoint a person as a secretary if he or she has obtained a qualification with an offering in company law practice and administration that enables a person to have the requisite knowledge and perform the functions of a company secretary.
Or the person should have been trained under a company secretary for at least three years; or is a member in good standing of the Institute of Chartered Accountants Ghana.
The directors’ disqualification regime has also been strengthened. The punitive measures have been widened to apply stiffer punishment on miscreant directors.
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