Africa-Press – Ghana. The Office of the Registrar of Companies (ORC) has urged the public to undertake due diligence in businesses and companies they intend to deal with.
Mr. Nicholas Ofori Obeng-Twum, Public Relations Officer, ORC, indicated that doing due diligence would enable people to acquire the necessary information on a prospective business or target company.
“Due diligence helps people avert all the risks that they would have engaged in if they hadn’t done those checks,” he noted.
He added that it was necessary for those who wanted to go into business contracts, partnerships, mergers and acquisitions, among others, to make informed decisions.
Some of the details people can inquire about are the company’s directors, shareholders, date of incorporation, financial position, including assets, liabilities, profit, and loss, whether the company is in good standing or not, and any changes in the company’s operations.
It brings to the fore some of the lapses of the business and helps to determine the company’s prospects.
It also provides data for decision making, such as whether one should go ahead to engage in a business deal, as well as how to negotiate. Doing due diligence further reassures a person to have confidence in the business as a legitimate legal entity.
Mr. Obeng-Twum indicated that those who want to do due diligence can apply to the ORC, to get information on a company.
If a person wants information on two or more companies, the person needs to put in separate applications for each company.
Those who apply to the ORC for information on companies can get a response within three to five working days.
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