The Investment Promotion Authority (IPA) has deregistered over 4,000 companies from its Registry.
The companies were deregistered after failing to lodge their annual returns since 2000.
The deregistering is part of the IPA’s exercise to ensure registered companies are compliant to requirements under Section 368(1) of the companies act.
In November 2019, the IPA issued a Notice of Intention to remove 5,000 defaulting companies who had failed to submit annual returns since 2000.
The defaulting companies were given one month to comply and lodge their annual returns.
After a month’s extension which expired last week, the IPA has now released figures showing that 4,724 companies have now been de-registered.
“A total of 4, 724 companies have been removed from the Registry. There was a total of 202 overseas companies and only 10 companies have complied,” said Acting Registrar of Companies, Harriet Kokiva.
The acting registrar said it was encouraging to see many companies who showed no activity of compliance, respond to their notice.
Considerations were also given to companies that approached the IPA in time and gave their assurance to comply.
“Their names have also been removed from the default list. However, they will be removed from the registry in the second batch if they fail to comply.”
The IPA will issue a notice of intention towards the end of March for the second batch of 5,000 companies who have not submitted annual returns.
The IPA says the first deregistering of companies should be warning enough to companies to come forward and file outstanding annual returns.
Meanwhile, companies who are up to date with their annual returns and have mistakenly been put on the defaulting list have been asked to see the IPA with relevant documents.