The Ashanti Regional Bureau of the Office of the Registrar of Companies (ORC), last Thursday, embarked on a float in the streets of Kumasi as part of its effort to sensitise the public on the “relevance and compliance” of Company/Business registration.
The Float under the theme, “Building Awareness, Driving Change”, started from the ORC Forecourt, through Bekwai Roundabout, Bantama streets to Abrepo Junction, Kejetia and Adum to Prempeh II Street, with its rendezvous point being the ORC Forecourt.
Mrs. Yvonne Adjimah-Adjare, Principal State Attorney and Kumasi Zonal Head, ORC, disclosed that her outfit embarked on the float as part of a sensitisation programme to educate the public about ORC and their “mandate and purpose”.
She further explained that though registering a business was not a bad thing, protection of its name helps in bidding and securing government contracts, helps in opening a Bank account, helps businesses to grow, and helps the government to know the number of businesses in the country.
The Zonal Head urged the citizenry to disregard the notion that the registration process is cumbersome because ORC staff are always on hand to assist with the process.
She indicated that there are two processes – the premium service (which attracts extra fees and a business certificate is received on the same day) and the normal service (which takes about five to ten business days to receive the certificate).
Mrs. Yvonne Adjimah-Adjare explained that every business entity can register, be it a petty trading business or a large-scale one, indicating that after two weeks of setting up a business, one is required to register it with the ORC.
The Principal State Attorney stressed that it is a serious regulatory offence under the Companies Act, 2019 (Act 992) and the Registration of Business Names Act, 1962 (Act 151), stressing that failure to register a business, or renew its registration annually, can lead to severe penalties, including hefty fines and the potential to be struck off the register.
She, therefore, urged business owners to register their businesses to avoid penalties.
From Oswald P. Freiku, Kumasi
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