If you own a company and you have failed to submit your annual reports for ten years, then you may be in trouble with the Corporate Affairs Commission (CAC).
The commission has announced plans to remove companies that have failed to submit their annual reports for ten years.
In a press release on Wednesday, the CAC mentioned that its website contains the complete roster of inactive companies.
According to the statement: “This is to inform the general public that the commission, pursuant to its powers contained in Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020.
“We intend to strike off from the Register, names of defunct or dormant companies.
Companies that have not filed Annual Returns for a period of 10 years”.
However, the CAC gave the companies a grace window.
This grace window of 90 days will start from the date of the publication.
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Furthermore, defaulters are required to file all outstanding annual returns so as to remove their names from the list.
“It is to be noted that it is illegal to carry on business with the name of a company that has been delisted from the register.
Such company is deemed to be dissolved,” the statement added.