The Office of Registrar of Companies (ORC) has begun the process of removing about 8,531 companies from its register.
According to the registrar, the decision has become necessary due to the inability of these companies to file their annual returns with the necessary fees and financial statements for more than two years.
The process is expected to end in May 2024.
The office explained that it has been forced to take this action after two years of rigorous sensitisation and multiple publications of these defaulting companies in the media and its official website, as the Companies Act, 2019 (Act 992) requires.
The registrar was, however, quick to add that these companies can still file their annual returns together with their audited financial statements with the office by the end of May 2024, before the process of striking off companies is completed.
The Office of the Registrar of Companies also indicated that companies whose names will be removed will not be permitted to conduct business under the same name for 12 years.
It further explained that these companies can only be restored by the Registrar of Companies after a court finds sufficient cause and therefore issues an order to the Registrar of Companies, directing the restoration of the delisted name.
The registrar therefore cautioned the companies against making payments to any Mobile Money Account in the name of the Office of Registrar of Companies or the Registrar-General Department because the Office does not operate or have a ‘Momo’ Account nor has the Office authorised any person to act on its behalf in striking off the names of Companies in default.