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Registrar of Companies Urges Businesses to Disclose Beneficial Ownership
The Registrar of Companies, Mrs. Jemima Oware, has called on businesses in Ghana to comply with beneficial ownership disclosure regulations as mandated by the Companies Act, 2019 (Act 992). The move aims to promote transparency and ensure a level playing field for all businesses.
Who are Beneficial Owners?
Beneficial owners are individuals who directly or indirectly own or control a company. In Ghana, companies are required to disclose their beneficial owners during incorporation, with amendments allowed within 28 days. They must also provide information on beneficial owners when filing annual returns and as updates to the Office of the Registrar.
Which Companies Are Affected?
Companies Limited by Shares, Companies Limited by Guarantee, Unlimited Liability Companies, and External Companies are all mandated to submit information on beneficial ownership to the Registrar. However, Mrs. Oware noted that many companies fail to present mandatory company and member registers when filing beneficial ownership documents.
Improving Corporate Governance and Professionalism
To address this issue, the Office of the Registrar has announced plans to compile online registers for businesses to purchase at a fee. The move aims to improve corporate governance and professionalism within the business community.
Mrs. Oware emphasized that Directors of companies must appoint qualified professionals with training in Company Law, Practice, and Administration as their Company Secretary. She advised businesses to appoint individuals from recognized professional bodies such as:
- Institute of Chartered Secretaries and Administrators
- Institute of Chartered Accountants Ghana
- Barrister or Solicitor
Promoting Ease of Doing Business
The Office of the Registrar is working on migrating its digital platforms to enhance ease of doing business. The new platform will allow businesses to register from their phones and reduce turnaround times for document processing. A VVIP unit is also being established in service centres to provide faster services at a fee.
Call to Action
Mrs. Oware urged companies to take responsibility for ensuring accurate data capture by either accessing government services themselves or engaging certified professionals. She emphasized that good governance depends on the accuracy of data captured by the government.
The webinar, moderated by THEOPHILUS TAWIAH of WTS Nobisfields (WTS Ghana), was the first in a series of 2023 and focused on key issues affecting businesses in Ghana.