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The Office of the Registrar of Companies (ORC) has commenced the process of deregistering approximately 8,531 companies from its records.
The registrar cited the prolonged failure of these companies to submit their annual returns, along with requisite fees and financial statements, for more than two years as the primary reason for this action.
This initiative, expected to conclude by May 2024, comes after two years of extensive awareness campaigns and multiple public notices of these noncompliant entities through various media channels and the official ORC website, in accordance with the stipulations of the Companies Act, 2019 (Act 992).
While stressing the severity of the situation, the registrar noted that affected companies still have the opportunity to rectify their status by submitting overdue filings and financial statements to the office before the completion of the deregistration process in May 2024.
Furthermore, the ORC clarified that companies removed from the register will face a 12-year prohibition on conducting business under their former names. Reinstatement of these delisted entities can only occur through a court order mandating the Registrar of Companies to restore their names, contingent upon sufficient justification.
In a cautionary statement, the registrar warned companies against making payments to any unauthorized mobile money account purportedly affiliated with the ORC or the Registrar-General Department. The office emphasized that it neither operates nor authorizes any such mobile money transactions for the purpose of striking off defaulting companies’ names.
