Jemima Oware - Afrikan Heroes

Ghana’s Businesses To Declare Who Will Benefit From Its Success Before They Can Be Registered

February 29, 2020

Going forward, new businesses seeking to be registered in Ghana must first declare the direct beneficiaries from their success before they can be registered. This is according to a new directive from Ghana’s Registrar General’s Department (RGD).

‘‘This will ensure there is transparency in business ownership in the country and prevent corruption, money laundering, and terrorism funding,’’ the Registrar General, Jemima Oware, said in view of Ghana’s new Companies Act, 2019 (Act 992).

Here Is All You Need To Know

According to Ghana’s new Companies Act (2019), a beneficial owner is a person(s) who directly or ultimately owns or exercises substantial control over a person or company and has a substantial economic interest in or receives substantial economic benefits from a company.
Mrs Oware said the law will prevent the instances where the government awards multiple contracts to politicians because they get individuals to front for them as directors and shareholders of two or more companies directly owned by them.
She explained that the new law will not allow for individuals, especially politicians from using others as directors or shareholders of a company they own or have majority shares in.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.
He could be contacted at udohrapulu@gmail.com

Ghana To Delete Over 600,000 Businesses From Its Register of Companies

January 24, 2020

Those who had registered their companies in Ghana have a cause to be worried. Ghana’s Registrar-General’s Department has disclosed that it would delete more than 600,000 companies from the database of companies.

“We have over a million companies on the register, but many of them are not doing any serious business. So, we are going to come up with a notice very soon. If you know you have a business and you are not interested in carrying on, just inform us, so we take it off the register,” Registrar-General, Jemima Oware said.

Here Is All You Need To Know

These registered companies, according to the department, have been dormant for a while, and have not shown any signs of renewing or updating their records with the Registrar-General’s Department.
The companies are part of the over one million companies registered with the Registrar-General’s Department.
According to Registrar-General, Jemima Oware companies will be given a time frame to correct any anomaly that may apply to their registration, and that failure to do so would require a penalty followed by their companies being expunged from the database.
Read also:Ghana’s New Refinery Boss Urged to Put Interest of Ghanaians First

“…but if you are doing serious business, there will be a need to update your records by being re-registered by getting unique tax identification numbers for all your directors, shareholders; get a digital address, file your audited and annual financial statements,” she said.

Ghana ‘s Registrar-General’s Department is also planning on publishing a list of all companies that are not in good standing and are up for possible deletion.

“My plan is to put out the names by next month and start the process. If you don’t want that kind of embarrassment, then you come to the office and update your records; because clearly, about 400,000 are the ones doing serious business,” she said.