Disclose beneficial ownership to enhance business transparency–Mrs. Jemima Oware, Registrar of Companies

Mrs. Jemima Oware, the Registrar of Companies, has called on businesses to disclose their bene cial owners in line with the Companies Act, 2019 (Act 992) to promote transparency and provide a level playing eld for the business community in Ghana.

The bene cial owner is an individual (a natural person and not a company) who directly or indirectly, ultimately owns or exercises substantial control over a person, company or economic interest.

Speaking during the UKGCC’s Mandatory Regulatory Compliance for Businesses in Ghana webinar series on “The Mandate and Bene cial Ownership of the O ce of the Registrar of Companies (ORC), Mrs. Oware remarked that companies are required to provide information on bene cial owners during the incorporation of a business.

She added that during incorporation of businesses, companies have within 28 days to make amendments on their bene cial owners.

Companies may also provide information on bene cial owners when ling annual returns and as an update to the O ce of the Registrar. Furthermore, Companies Limited by Shares, Companies Limited by Guarantee, Unlimited Liability Companies, and External Companies are also mandated by the law to submit information of bene cial ownership to the Registrar.

During the webinar, the Registrar of Companies, whose o ce was created out of the Registrar General’s Department, observed that most companies fail to present the mandatory company and member registers when ling bene cial ownership documents. Others also state the O ce of the Registrar as their bene cial owner.

She indicated that this was not the right practice. To rectify it, she remarked that “The o ce of the Registrar of Companies will compile registers online for businesses to purchase at a fee”. The O ce will also ensure that a company has a designated o cer (company secretary) who will ensure that their business is compliant.

Improved Corporate Governance and Professionalism

Mrs. Oware also discussed several other issues pertaining to her O ce and of crucial relevance to businesses. One of these was improved governance and professionalism.

According to her, the Company Act, 2019 states that Directors of companies are required to appoint duly quali ed professionals with some training in Company Law, Practice and Administration to e ectively perform the function of a Company Secretary.

Mrs. Oware advised businesses to appoint people from recognised professional bodies such as the Institute of Chartered Secretaries and Administrators, Institute of Chartered Accountants Ghana and a Barrister or Solicitor in the Republic. Promoting ease of doing business

Mrs. Oware revealed that her O ce is currently working on migrating its digital platforms, to be ready by November this year, aimed at optimising processes in compliance with the Companies Act, (Act 992).

“If you go into the Companies Act, after it was passed in 2019, it said 5 years after that, we should go fully online and so we are pushing for that”.

The new platform will enhance ease of doing business, such as granting persons the opportunity to register their businesses from their phones.

The O ce is also working to establish a VVIP unit in service centres to reduce the turnaround time for document processing at a fee.

She also discussed other pertinent issues such as corporate insolvency and restructuring, the importance of keeping company registers, and reforms to company registrations.

She nally urged companies to either access essential government services themselves or engage the services of certi ed professionals to ensure that the government captures the right data to promote good governance.

The webinar was moderated by Theophilus Tawiah, Managing Partner at WTS Nobis elds and Lecturer at the University of Professional Studies.