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The President inaugurates the office of the Registrar of Companies

The President inaugurates the office of the Registrar of Companies

The President inaugurates the office of the Registrar of Companies

The new Office of the Registrar of Companies, which is tasked with increasing investor trust, combating corruption, and making conducting business easier, was introduced by President Nana Addo Dankwa Akufo-Addo yesterday.
The essential responsibility of only handling the functions of company and business registration and consulting services is also given to the Act creating the office.

The creation of this new statutory organization, the Registrar of Companies, which is distinct from the Registrar General’s Department, is made possible with the enactment of the new Company’s Act, 992 of 2019.

“Let me be clear: The position of Registrar General has not been eliminated. A new Registrar General will be appointed in accordance with the Act following the appointment of the first Registrar of Companies to continue running the Registrar General’s Department and oversee the registration of intellectual property rights, marriages under special license, and estate administration, President Akufo-Addo said.

During the inauguration, he declared that the new Registrar of Companies was a perpetual succession body corporate that could purchase and keep property as well as engage into contracts and other legal agreements.

He added that Act 992 needed the office to be financially independent of the government in order for the Registrar of Companies to be able to raise enough significant domestically produced cash.

According to President Akufo-Addo, “the Office of the Registrar of Companies will become a viable partner of the government in the effort to root out corruption” if timely information is provided to be entered into the company’s register, including procedures to verify information to be provided by companies to the registrar and directing access to information contained in the registrar.

He said it was because Act 992 had significantly reduced the phenomena of the formation of fictitious businesses and opaque financial systems, which offered a chance for the laundering and hiding of criminal income.

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