The Registrar of Companies, Jemima Oware, has urged entrepreneurs to legitimise their business ideas to ensure legality over patent, trademarks and copyrights.
According to the registrar, an entrepreneur must not necessarily register a company which will mandate filling of annual returns and payment of some administrative taxes, but must register the business operations under available provisions made for smaller entities to legitimise whatever dream enterprise they envision to create.
She stressed that by formalising business entities, entrepreneurs can unlock various benefits and opportunities. Business registration comes in various forms, including business names dubbed as one-man business/ sole proprietor, subsidiary business name in which a company owns the business instead of an individual, and partnerships normally between two-to-20 people.
“Company registration comes in two folds – limited and unlimited liability types for profit-making types and the limited by guarantee which is non-profit type. So, entrepreneurs can start small with just business name, subsidiary business name or partnership and later grow into a company,” she said.
Madam Oware also revealed a rising trend in the number of small businesses operating without proper registration or licensing. While some businessowners may consider these practices as a means to cut costs or avoid bureaucracy, there are various downsides associated with such approaches, she noted.
Unregistered businesses not only risk legal consequences in case of litigation, but also limit their growth potential and access to important resources. “Formalising a business entity offers numerous advantages that entrepreneurs cannot afford to overlook. By registering their business, entrepreneurs gain legal protection, credibility and increased access to financial resources. A registered business is more likely to secure favourable partnerships and attract investors, leading to enhanced growth prospects.
“Furthermore, registering a business allows entrepreneurs to operate and engage with clients in a compliant manner, ensuring the trust and confidence of customers. It also allows businesses to access various government programmes, grants and incentives that can contribute to their success,” she added.
She made these remarks at the launch of the Wealth and Jobs Expo 2024, in Accra. An event aimed at bringing policy-makers, entrepreneurs, unemployed graduates and the business community as well as investors together to deliberate on creating job for the teaming youth.
She assured stakeholders that the Office of the Registrar of Companies is committed to assisting entrepreneurs in navigating the complex process of formalising their operations. The office provides comprehensive services, including name registration, licensing, taxation registration and more.
With the registrar’s support, entrepreneurs can rest assured that they are adhering to all legal requirements and positioning their businesses for long-term success. Additionally, she indicated that business registration processes have been digitalised for easy accessibility and convenience.
Nonetheless, the vast knowledge and experience in business registration by the team members is accessible to ensure a smooth and hassle-free process. From initial documentation to final approvals, the company remains dedicated to simplifying the registration process and providing prompt assistance to entrepreneurs at every step. The registrar strongly encourages them to consider the long-term benefits of operating legally by ensuring the legitimacy of their operations.
thebftonline