Ghana’s business community has been urged to comply with the recent Company Registration Act.

Speaking at an orientation workshop for members of the Chamber on the new ACT, Chief Operating Officer of the Chamber of Commerce and Industry, Frederick Amoako, highlighted the need to use the Act as a stepping stone to improve corporate governance.

“The New Company Registration Act to a large extent deals with some bottlenecks businesses faced when registering their business. This is the time businesses must embrace this new ACT to access real-time opportunities in Ghana’s legal business framework, let’s take the new Company Registration Act seriously” he stated.

Mr Amoako charged businesses to quickly adjust to the new Act to complement the cost of doing business in the country.

The Registrar General’s Department in consultation with key stakeholders abolished the key requirement that required businesses to obtain some form of pre-commencement of activities certificates before their actual commencement.

Per the new regime, an application for incorporation shall include a statutory declaration by each proposed director indicating that within the preceding five years, they have not been charged with or convicted of a criminal offence involving fraud or dishonesty, among other things listed in the new law.

In effect, once the registration process involving a business is complete, a company can proceed to do business in the country.

The move, according to the Registrar General’s Department, is to simplify the registration process.

The workshop forms part of efforts by the Ghana National Chamber of Commerce to facilitate the ease of doing business in the country.