Over 300,000 businesses have been captured as dead firms by the Registrar General’s Department.
This is because they are not renewing their annual company registration or not updating their records at all.
The Registrar General’s Department has therefore expressed worry about the situation and has described the practice as unhealthy.
Registrar General, Jemima Oware, told Joy Business many people are not abreast with the company registration and therefore do not regard the conditions precedent regarding company registration.
“Now you know there are penalties and because people didn’t’ know the different types of businesses, everybody got up and said I want a company. And that is how come I’ve a bloated register full of dead companies”.
“They just register it one off because they want a VISA, they want to get a contract, they want to get married and so they should have a company. And after they get married they don’t bother to follow up with the requirements and all that. And so we have over 300,000 businesses that are not renewing, not updating their registration; that’s why all this clean up [removing dormant registered companies] came up.
Registrar General advises young entrepreneurs to go into partnership
The Registrar General advised young entrepreneurs to concentrate on partnership or business name since it does require stringent condition.
“I’d advised that young people stay off with business name or partnership. And as the business grows, you can always change it into a limited liability company, it’s allowed; you can convert it from a business name into a limited liability company and at that level you would have grown the business to the stage that you can afford a company secretary, you can afford an auditor- you need an auditor, a qualified chartered accountant”, he explained.
“Now, these are very expensive professionals and that’s the kind of expertise we require in a company. So if you are not ready for it don’t go for it. They are very strict requirement, you supposed to be filing returns 18 months after incorporation and then yearly thereafter”, she further said.
Mission of Registrar General
The Department’s mission is to ensure efficient and effective administration of entities inter-alia the registration of Businesses, Industrial Property, Marriages, Administration of Estates and Public Trust, provide friendly services and accurate data for national and economic development.
Latest Stories
-
The Attorney General vs NDC impasse – why they ‘fight’
18 mins -
High Court orders teacher unions to end strike
20 mins -
‘He worked with all staff irrespective of their status’ – GRA hails Dr Ammishaddai
26 mins -
Zack Orji underwent two brain surgeries; he is fine – Actors Guild of Nigeria President
49 mins -
Another accident leaves 5 police officers injured in Nsawam
51 mins -
I’ve really worked well as Veep; vote for me as President – Bawumia to traders
59 mins -
There’s something mysteriously amiss somewhere about ongoing ‘dumsor’ – Gabby Otchere-Darko
1 hour -
South Africa: Team Western Cape wins National Primary School Track and Field Championships
1 hour -
Chale Wote Street Art Festival: A call for artists ahead of 2024 edition
3 hours -
Floods: We’re exposed but my team and I are ‘running’ to catch up – Oppong Nkrumah
3 hours -
5 traits of sweet, committed men that may seem like red flags at first
5 hours -
We met on Twitter and our first date was a week-long road trip
5 hours -
The biggest mistake people make when meeting someone in person after talking online
5 hours -
I traveled 500 miles for a first date
5 hours -
My cousin saved my life and she never knew
5 hours