Why URSB De-Registered Over 186,000 Companies

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In August 2023, the Uganda Registration Service Bureau (URSB) de-registered 186,000 companies over failure to comply with provisions of the Companies Act, 2012.

In the statement published on the URSB official website by the registrar of companies, Ms Mercy Kainobwisho, she relied on her decision on Section 134(5) of the Companies Act 2012, where the Bureau first issued a notice on 20th March 2023, requiring all companies to file their annual returns.

Companies that failed to file annual returns for five years had 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.

The Companies Act in section 134(2) adds that where a company fails to comply with this section, the firm and every company officer who is in default is liable to a default fine of twenty-five currency points about Shs500,000.

Further in section 134(4), 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.

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