• About
  • Contcat Us
  • Privacy Policy
Sunday, July 3, 2022
Primenews.com.gh
No Result
View All Result
  • HomePage
  • Ghana News
  • Politics
  • Entertainment
  • Sports
  • HomePage
  • Ghana News
  • Politics
  • Entertainment
  • Sports
No Result
View All Result
Primenews.com.gh Logo
No Result
View All Result
Home general news

Business incorporation in Ghana under the new Companies Act, 2019 (Act 992); reforms in processes and procedures.

by McBen Asamoah
2020-09-22
in general news
McBen Adu Asamoah

McBen Kwame Adu-Asamoah

92
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The Registrar-General’s Department (RGD), has introduced reforms to the processes and procedures of business registration and incorporation of companies in Ghana under the new Companies Act, 2019 (Act 992). These reforms are aimed at ensuring effective regulatory compliance and improving the ease of doing business in Ghana.

Notable among the reforms is the upgrading of the E-Registrar software application in accordance with the new Companies Act, 2019, (Act 992). Commencing from the 28th September 2020, persons who wish to register new companies would have to visit the Registrar General’s Department’s web portal download the new prescribed Forms and complete them appropriately for the various types of Company registration.

The new procedure does not require the filling of Form 4 and the Regulations for the incorporation of a company as was done previously under the old companies Act. The new Prescribed Forms uploaded on the web portal encompasses all particulars that are needed for the registration of the various types of companies under the new Act 992.

Another change introduced with the implementation of the Act 992, is that persons who are registering any of the six (6) types of companies i.e. Private Companies Limited by shares, Private Companies unlimited by shares, Public Company Limited by shares, Public Company unlimited by shares, Private Company limited by Guarantee and Public Company Limited by Guarantee would have had to fill Regulations for all these types of companies.

However, now the RGD has made it easier with Constitutions to replace Regulations for all Companies. One can just adopt Schedules 2, 3 or 4 of Act 992 which represents the Constitution for a Private Company Limited by Shares, a Public Company Limited by Shares and a Private Company Limited by Guarantee respectively. All of these Schedules are available on the web portal as Constitutions to be adopted together with the different Prescribed Forms for the different types of Companies.

READ ALSO

NPP Elections: Prof Kalmonia re-elected as Savannah chairman

High price volatility makes crypto assets unattractive as a means of payment – BoG

The RGD has also designed Constitutions for Private Companies Unlimited by Shares, Public Companies Unlimited by Shares and a Public Company Unlimited by Guarantee that can be adopted together with the Prescribed Forms for incorporating the respective types of Companies.

Additionally, Promoters who choose to adopt the prescribed Constitutions would not be mandated to provide objects but would be required to disclose which sectors the Company would be operating in through the codes provided on the e-Registrar software.

On the other hand, Promoters of Companies could also download the Prescribed Forms for the different types of Companies and attach their own Registered Constitution which should necessarily have objects of the company they are registering.

ADVERTISEMENT

Companies that operate under the authorization of other Regulatory Bodies would have to register their companies with their own Registered Constitutions and disclose the specific objects in these Registered Constitutions. Such Companies regulated by other Regulators among others include Banks, Savings and Loans, Microfinance and Microcredit Companies regulated by Bank of Ghana, Companies with Foreign participation regulated by the Ghana Investment Promotion Centre (GIPC), Companies in Academia regulated by the Accreditation Board other Educational Regulatory bodies, Security Firms regulated by the Ministry of Interior, Companies in the Securities Industry and Capital Markets regulated by the Securities And Exchange Commission (SEC) and the Ghana Stock Exchange, the Extractive Industry regulated by the Minerals Commission, Petroleum Commission, Companies operating in the Free Zones Enclave, Companies engaged in games and betting regulated by the Gaming Commission, Legal Firms, Architectural Firms and such other professional firms.

Another notable change is that the new Companies Act 2019, Act 992 does away with the Certificate to Commence Business. Also, every company in Ghana would have suffixes ending their names and that would immediately indicate which kind of entity or category of company the name is registered. For example, the suffixes ending the different types of companies would be as follows:

  • Private Company Limited by Shares would end with Limited Company or LTD
  • Private Unlimited Liability Company would now end with PRUC.
  • Public Limited Company would now end with PLC.
  • Public Unlimited Liability Company would now end with PUC;

Finally, the current system at the RGD would accept a mandatory digital address downloaded from the Ghana Post App for the stated Principal Place of Business and Registered Place of Business as well as a valid email address otherwise the address would be rejected and the application not processed.

About the Writer:
McBen Kwame Adu-Asamoah is an Associate at Axis Legal. His area of focus are corporate and commercial law, banking, finance and property transactions. His recent work with the firm includes advising on property acquisitions, corporate finance transaction, business incorporation, mergers and acquisitions.

He has vast experience in incorporating and setting up businesses for local and international clients and through his experience has developed a broad understanding on the Ghanaian regulatory and compliance sector. McBen brings a different perspective to the practice of law. Clients commend his ability to breakdown complex issues into their simplest form and finding solutions to such issues. He has a flair for getting things done, finding solutions no matter the challenge. McBen graduated from Ghana Institute of Management and Public Administration with an LLB degree and a qualifying certificate in law from the Ghana School of Law. He also holds an MBA from the University of Ghana. McBen also has 20 years of experience in senior management and board level positions and as a management and business development consultant in the media, banking and insurance sectors in Ghana, Liberia, Sierra Leone and Nigeria. McBen Adu-Asamoah is a member of the Ghana Bar Association and the Chartered Institute of Marketing, Ghana.

Tags: Act 992Business Registration GhanaDoing business in GhanaIncorporating companies in GhanaRegistrar General’s Departmentthe new Companies Act 2019
ShareTweetSend
Previous Post

Sporting Lisbon rename academy after Cristiano Ronaldo

Next Post

Strengthening Corporate Governance under Ghana’s new Companies Act 2019, Act 992

Related Posts

NPP Elections: Prof Kalmonia re-elected as Savannah chairman
general news

NPP Elections: Prof Kalmonia re-elected as Savannah chairman

2022-05-28
Russia-Ukraine conflict presents further risk to recovery – BoG Governor
general news

High price volatility makes crypto assets unattractive as a means of payment – BoG

2022-05-28
Kwame Jantuah wants Independent Commission to probe Sir John’s will, not OSP
general news

Kwame Jantuah wants Independent Commission to probe Sir John’s will, not OSP

2022-05-28
The debt challenges are compounding for us in Africa – Akufo-Addo
general news

The debt challenges are compounding for us in Africa – Akufo-Addo

2022-05-28
COCOBOD closes purchases for 2021/2022 main crop cocoa season
general news

COCOBOD closes purchases for 2021/2022 main crop cocoa season

2022-05-28
2 killed in robbery at gold shop at Asamang Tamfoe
general news

2 killed in robbery at gold shop at Asamang Tamfoe

2022-05-28
Next Post
McBen Adu Asamoah

Strengthening Corporate Governance under Ghana’s new Companies Act 2019, Act 992

Abdul Aziz Haruna Futa

Mahama's mortuary intervention for Zongos 'empty' - Aziz Futa

ADVERTISEMENT

TRENDING NEWS IN GHANA

Iga Swiatek

Iga Swiatek beats Coco Gauff for second French Open title

2022-06-04
Shakira and footballer Gerard Piqué announce split after 12 years

Gerard Pique and Shakira announce split after 12 years

2022-06-04
Ibrahim Danlad

Kotoko shot-stopper Ibrahim Danlad receives Black Stars call up for four-nation tournament

2022-06-04
Felix Afena-Gyan

Photos: Black Stars arrive in camp ahead of AFCON 2023 qualifiers

2022-05-28
Alfred Duncan

Alfred Duncan retires from Black Stars at age of 29

2022-05-28
NPP Elections: Prof Kalmonia re-elected as Savannah chairman

NPP Elections: Prof Kalmonia re-elected as Savannah chairman

2022-05-28
Russia-Ukraine conflict presents further risk to recovery – BoG Governor

High price volatility makes crypto assets unattractive as a means of payment – BoG

2022-05-28
Kwame Jantuah wants Independent Commission to probe Sir John’s will, not OSP

Kwame Jantuah wants Independent Commission to probe Sir John’s will, not OSP

2022-05-28
The debt challenges are compounding for us in Africa – Akufo-Addo

The debt challenges are compounding for us in Africa – Akufo-Addo

2022-05-28
COCOBOD closes purchases for 2021/2022 main crop cocoa season

COCOBOD closes purchases for 2021/2022 main crop cocoa season

2022-05-28
ADVERTISEMENT

Must Reads

High price volatility makes crypto assets unattractive as a means of payment – BoG

Kwame Jantuah wants Independent Commission to probe Sir John’s will, not OSP

The debt challenges are compounding for us in Africa – Akufo-Addo

COCOBOD closes purchases for 2021/2022 main crop cocoa season

2 killed in robbery at gold shop at Asamang Tamfoe

Malawi slashes the value of its currency

About

A Prime Network Limited Website.

Follow us

No Result
View All Result
  • HomePage
  • Ghana News
  • Politics
  • Entertainment
  • Sports

©2015 - 2020 Primenews.com.gh

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.