TIN No Longer Essential for Business Registration come 2019
Tax Identification Number (TIN) will never again be an essential requirement for the registration of a business, starting from January 2019, the Registrar-General, Mrs Jemimah Oware, has revealed. Instead, she stated, the provision of a digital address would become the new requirement for the registration of businesses.
“This is on the grounds that the worldwide situating framework (GPS) will demonstrate to metropolitan, civil and area congregations (MMDAs) where organizations are found, with the goal that nearby government authorities can development and give organizations working licenses.
“I need to express that come 2019, just foreigners will require a TIN to enlist their organizations on the grounds that our computerized stage is being intertwined with that of the Ghana Revenue Authority (GRA), the Social Security and National Insurance Trust (SSNIT) and metropolitan, municipal and district assemblies (MMDAs),” she said.
In an interview with the Daily Graphic on the sidelines of a high-level dialogue on good corporate governance in Accra on Wednesday, November 28, 2018, Mrs Oware said the provision of a digital address would turn into the new prerequisite for the enlistment of organizations.
That, she said was “on the grounds that the GPS system will demonstrate the MMDA where the business is found, with the goal that neighborhood government authorities can development and give a business working permit”.
New Companies Act
She also indicated that the current Companies Act, 1963, would be replaced with another one before the year’s over, a move that was adapted towards evacuating bottlenecks in the old system and making things less demanding, moving forward.
For example, she said the new routine would set up the Office of the Registrar-General and make it an independent body to work legitimately.
“The bill for the new Companies Act has been endorsed by Cabinet, and additionally the Committee on Constitutional and Legal Affairs of Parliament. We have done the condition to-statement perusing and the bill is presently with the Ministry of Justice to be sent back to the floor of Parliament for the second and third readings.
“We are believing that it will be passed into law before the year’s over,” she said.
Mrs Oware said one of the exceptional highlights of the new demonstration was the arrangement made in it for the foundation of the Office of the Registrar of Companies which was to be financial independent.
She said that office would be taken out from the Registrar-Generals’ Department and be made a self-sufficient body with a board drawn from skilled elements, for example, the Ministry of Justice, the Ghana Bar Association (GBA), the scholarly community and the Institute of Chartered Accountants, Ghana (ICAG).
“There are a great deal of reformatory and authorization instruments in the bill also, so the Office of the Registrar will guarantee that due strategy is pursued for effective business conduct,” she said.
She said the new act would, among other things, do away with commissioners of oath, minimum equity requirement and requirements for objects of registration.
“The Companies Bill has also discarded the provision of a constitution as a prerequisite for enrolling a business and this will encourage the enlistment procedure.
“The demonstration will also guarantee that the Inspectorate Division of the Registrar-General’s Department will be patched up to go out to uphold controls under the Companies Act,” she said.
The Chief Executive Officer (CEO) of the Private Enterprises Federation (PEF), Nana Osei-Bonsu, wailed over the negative impacts the third parties, prominently called “goro young men”, had on the enrollment of organisations, saying that the time had come to bargain conclusively with the circumstance.
“If the rules of engagement at the Registrar-General’s Department were efficient and service delivery up to speed, the ‘goro boys’ would not be operating and making money from the public,” he said.
He approached individuals holding places of trust to see those workplaces thusly and act in manners that would not block the conveyance of services to the public.