By Dorothy Frances Ward
Kumasi, May 8, GNA – The Kumasi Zonal Office of the Office of the Registrar of Companies (ORC) has embarked on a sensitisation campaign to encourage Small and Medium Enterprises (SMEs) to formalise their businesses through registration to improve access to loans, government support packages and business opportunities.
The exercise, held in the Adum and Bantama business areas of Kumasi, formed part of the ORC’s public education drive on the theme: “Building Awareness, Driving Change.”
Mrs. Yvonne Adjimah Adjare, Head of the Kumasi Zonal Office of the ORC, said many traders and small business operators continued to face challenges in accessing credit facilities because they lacked proper business documentation.
She explained that registered businesses enjoyed several benefits, including access to government support programmes, financial assistance from banks and microfinance institutions, legal recognition and increased trust from suppliers and customers.
Speaking during an engagement with traders and business owners, Mrs. Adjare stressed that business registration was essential for enterprises seeking growth and sustainability in Ghana’s competitive business environment.
According to her, many small businesses were losing valuable opportunities because they operated informally without legal backing.
She noted that most financial institutions required proof of business registration before granting loans or business support packages.
Mrs. Adjare further explained that formalising businesses protected business names from duplication and provided legal recognition for operations.
“Business owners who formalise their enterprises are better positioned to expand, enter contracts and attract investors,” she stated.
She encouraged market women, food vendors, mechanics, hairdressers, fashion designers and other informal sector operators to take advantage of the simplified registration processes introduced by the ORC.
The ORC Head said registration procedures had become faster and more accessible through digital platforms and zonal offices across the country.
She explained that entrepreneurs could register sole proprietorships, partnerships and limited liability companies depending on the nature and size of their businesses.
Mrs. Adjare assured prospective applicants that ORC staff were available to assist them throughout the registration and documentation processes.
She expressed concern that some traders still perceived business registration as expensive and complicated but noted that registration fees for small businesses remained affordable.
According to her, the long-term benefits of formalisation far outweighed the initial registration costs.
She also advised business owners to regularly file annual returns and update company records to avoid penalties and possible legal challenges.
Mrs. Adjare said compliance with business regulations would help improve transparency and accountability within the private sector.
She reaffirmed the ORC’s commitment to continuous public education and outreach programmes aimed at increasing awareness on the importance of business formalisation to national development.
Mrs. Adjare, who is also a Principal State Attorney, explained that the Office of the Registrar of Companies operated under the Companies Act, 2019 (Act 992) and was responsible for the registration and regulation of businesses and corporate entities in Ghana.
GNA
Reporter: Doroty Frances Ward
Email: [email protected]
Edited by Yussif Ibrahim/Kenneth Odeng Adade