Businesses that have yet to update their records on the e-register database could have their names struck out for not conforming to the standards required under the new Companies Act, the Registrar-General, Mrs. Jemima Oware, has cautioned.

Speaking at a virtual seminar on the topic Ghana’s Business Ecosystem—Business Registration, Establishment, Regulatory Reforms, Immigration & International Trade, she said the Registrar-General’s Department has amended company registration documents and the department’s systems to conform to the new Companies Act.

The seminar was organised by the UK-Ghana Chamber of Commerce as part of its Doing Business with Ghana series.

The Companies Act 2019 (Act 992) became fully operational from October 1, 2020.

According to the Registrar-General, several benefits come with registration of businesses, including access to financial services, ability to attract institutional customers, opportunity to bid for public contracts, access to support schemes, access to existing tax incentives, branding, recognition and visibility.

She said under the new law, all companies are required to declare their beneficial owners. A beneficial owner is an individual or natural person who owns, controls, has interest in, or exercises influence over a legal person (or arrangement) or receives substantial benefits from an individual.

Mrs. Oware said the beneficial owner requirement will help promote transparency and help investors know whom they are doing business with.