Registrar-General's Department reviews firms on strike out list.

The Registrar-Department General (RGD) has begun a strike-off assessment of a sample group of firms registered on its website. The purpose of the exercise is to verify whether firms comply with the requirement for inactive companies to file returns by July 30, 2021, or risk removal from the company registry.

 The three-month evaluation began on July 1, 2021, and will finish on September 30, 2021, according to a statement released by the Department and signed by Mrs. Jemima Oware, the Registrar-General. It stated that the examination was essential after the final notice was issued to officials of inactive businesses on March 18, 2021, to file their yearly returns to be in good standing.

The companies were described as Public/Private Companies Limited by Shares, Public/Private Companies Limited by Guarantee (Associations, Fun Clubs, Churches, Etc.), Private Unlimited Companies, and External Companies.

The Department's company database grew bloated with names of defunct companies put on the Companies Register, it claimed, necessitating the strike-off operation.

 According to the announcement, 257,241 businesses in the new database have yet to file their tax returns. Returns or Amendments with the Department, and that, as of the publication of the first notice in March 2020, 670,282 companies in the Legacy system had not completed their re-registration. According to the statement, companies that are still scheduled for strike after the three-month evaluation will be announced in national newspapers and on the Department's website.

It said that during this time, a company's status would be classed as inactive and that it would be unavailable for any commercial transactions for the next 12 years unless the Registrar received a court order.

According to the statement, such businesses should take advantage of the three-month review period to take all the required steps to maintain good standing with the Department.

 The Department advised all clients to go to its website, www.rdg.gov.gh, click on the news, and scroll down to see the list of companies the Registrar has in its possession. According to the statement, the penalty for late filing remained at GH450.00, with an additional GH50.00 for each year's Annual Returns.

When filing their Annual Returns, it requests that company officials provide their Beneficial Ownership information.