INTRODUCTION
The REGISTRATION OF BUSINESS NAMES ACT, 1962 ACT 151 (“ACT 151”) provides the legal regime for the registration of business names mostly referred to as sole proprietorships. The sole proprietorships are mostly the types of businesses owned and controlled by individuals. They are commonly suffixed or added at the end of the name with “Enterprise, Ventures etc”.
ANNUAL RENEWAL OF REGISTRATION
The business name or sole proprietorships law requires that such entities shall renew their registration every year with the Office of the Registrar of Companies (ORC).
Owners of business names or sole proprietorships can simply renew their registrations by dialing *222# on their local networks with mobile money or wallet or walk into any offices of the ORC across the country to renew.
THE EFFECT OF FAILING TO RENEW REGISTRATION ANNUALLY
The ORC, the new statutory body mandated with the registration of businesses in Ghana, has issued a statement that they have begun the process of striking off business names which have lapsed from the Business Name Register for defaulting in their renewal. The ORC has commenced the exercise due to the failure to renew business names or sole proprietorships within three (3) months after the end of every year.
The striking off or removal of elapsed business names or sole proprietorships will mean that the said business names or sole proprietorships can be allocated to different persons by the ORC. This will imply that business cards, letterheads, websites and other business stationery or memorabilia containing such removed business names or sole proprietorships will be worthless.