PARLIAMENT TO PASS NEW COMPANIES ACT

Parliament is expected to pass the Companies Act, 2018 at its next meeting to amend the provisions in the Companies Act, 1963 (Act 179) to conform to the modern business environment in Ghana.

Some highlights of the proposed amendments to the Act include support for incorporation of companies without re-registrations. Thus, they can change a product line or services without informing the Registrar General.

Significantly, it would reduce the time for investors to register a business or reserve a selected name with the Registrar General.

Approximately, about 370 clauses would be amended, making the law more amenable for current companies and start-ups, also increasing incentives for new investors.