KAMPALA, (UG): The Uganda Registration Service Bureau (URSB) has opened up on the 186,000 companies which have been removed from the Bureau’s register over failure to file their annual returns among other requirements.
In the statement published via the URSB official website on Monday, the URSB Registrar General Ms Mercy Kainobwisho said the decision by URSB to de-register the companies relied on Section 134(5) of the Companies Act 2012 requiring all companies to file their annual returns.
Additionally, those that failed to file the returns for the last five years were required to file a statement of solvency and show why they should not be struck off the register.
“Section 134 (1) of the Companies Act 2012 requires all companies registered by URBS to file annual returns within forty-two days after the annual general meeting of the year
Ms Kainobwisho says pursuant to that section, the Bureau first issued a notice on 20th March 2023, but some of the affected companies failed to comply with the notice and call, hence the reason why they were struck off the register.
“In accordance with Section 134(6) of the Companies Act 1 of 2012, “notice is hereby given that 186,000 companies have been struck off the register,” reads in part the statement signed by the Bureau Boss.
“The Companies Act in section 134(2) adds that where a company fails to comply with this section, the firm and every officer of the company who is in default is liable to a default fine of twenty-five currency points which is about Shs500, 000,” it adds.
Ms Kainobwisho further noted that; “Section 134(4), of the Companies Act stipulates that; where a company is dormant, the directors shall notify the registrar within fifteen working days from the date of the resolution for dormancy.”
URSB says it shall continue to review the records and identify other non-compliant companies for action.
Do you have a story or an opinion to share? Email us on: [email protected] Or join the Daily Express WhatsApp channel for all the latest news and trends or join the Telegram Channel for the latest updates.
