Approximately one million firms, according to Mrs. Jemima Oware, Registrar of Companies, have not updated their records with the Office of the Registrar of Companies (ORC). She said that the ORC was collaborating with the businesses and guiding them through several steps to have their information updated.
Everyone has a responsibility to update their corporate documents. While some have complied with it and some have not, we are striving to assure compliance, she added. At Veritas International Nominees and Trustees Limited's five-year anniversary celebration in Accra, Mrs. Oware made this statement. A round table discussion on the subject of "Doing Business in Ghana: A Legal Perspective" was held to mark the occasion.
She mentioned that in order for business owners to submit their applications to the Office, the ORC was creating a user-friendly interface.
In a year, the new software will be available. It is about to be on the market so the developer may begin working on it. When compared to our current system, an online one would be more digital. You would submit your applications online, after which we would work on them in the background. You would then print out your information.
Business owners were advised by Mrs. Oware to use the online system as soon as it was available so they could communicate with the Office quickly. The Ghana Card, she added, will take the place of the Taxpayer Identification Number going forward as the exclusive means of identification (TIN).
That, according to the Registrar of Companies, would make it easier to keep track of everyone using the system and stop fraud.
According to Mrs. Lady-Ann Essuman, founder and supervising director of Veritas International Nominees and Trustees Limited, forming a corporation gives businesses legitimacy and a professional image.
According to Mrs. Essuman, starting a business enables the entrepreneur to support the economy by creating jobs and paying taxes. She suggested that business owners hire attorneys when forming a corporation to ensure survival.
Even though COVID-19 had an impact on the economy, global investors continued to seek to Ghana to do business since the country has the necessary processes in place, according to Mr. Edward Ashong-Lartey, Director of Investor Service at the Ghana Investment Promotion Centre (GIPC).
Despite having COVID, he continued, "we only noticed a slight rise, and we are hoping it grows this year. He stated that GIPC's doors were wide open to serve such enterprises and noted that it dealt with both international and Ghanaian companies.
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