Business News of Wednesday, 15 September 2021
• The RGD will end its validation exercise of dormant companies in September 2021
• This is after the Department earlier notified companies to file their returns
• Dormant companies in default risk being delisted from the Companies Register
The Registrar-General’s Department (RGD), has announced it will by the end of September 2021 complete the validation of companies in line with the directive for dormant companies to file their returns.
This comes after the Department had earlier notified dormant companies to file their returns or risk being delisted from the Companies Register.
“Companies that could not file their Annual Returns before the June 30th deadline for any reason were urged to take advantage and comply during the validation period which commenced on 1st July, 2021,” a statement from the RGD explained.
“These dormant Companies were Public/Private Companies Limited by Shares, Public/Private Companies Limited by Guarantee (Associations, Fun Clubs, Churches etc.), Private Unlimited Companies and External Companies. Companies are required by the Companies Act 2019 (Act 992) to update their records and file their financials with the Registrar-General eighteen (18) months after incorporation and at every financial year whether the Company was in business operation or not in operation,” it added.
The RGD further said companies which are due for a strike-off and still in default of filing their returns after the end of September 2021, would be published in the national newspapers and the Department’s website.
“A Company status at this period would be classified as being inactive and would not be able to be accessed for any business transaction for the next 12 years except by a Court Order to the Department for reinstatement to good standing in the Companies Register,” the RDG cautioned.
The Department however advised Companies still in default to take necessary steps in order to ensure they are in good standing.
Read the statement below: