URSB Deregisters 37,702 Companies Over Failure to File Annual Returns

URSB Deregisters 37,702 Companies Over Failure to File Annual Returns

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The Uganda Registration Services Bureau (URSB) has deregistered 37,702 companies from the official register after they failed to comply with legal requirements, including filing annual returns for a period of five years
(View attachment with full list of companies deregistered)

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Mercy K. Kainobwisho, Registrar General of the Uganda Registration Services Bureau (URSB) photo by CEO E.A

The action was taken under Section 130(6) of the Companies Act, Cap. 106, which empowers the regulator to remove companies that fail to meet their statutory obligations.

According to URSB, companies registered under the Companies Act are required to file annual returns as evidence of their continued existence and compliance with the law. However, thousands of companies failed to submit the required documents for several years, prompting the regulator to begin the deregistration process.

The bureau said the affected companies had been issued with official notices on July 20, 2023, August 14, 2023, and August 30, 2023, giving them an opportunity to regularise their status before removal from the register.

URSB explained that the companies were given a chance to restore their names after being struck off, but failed to apply for restoration within the required 12-month period from the date they were removed.

The deregistration means the affected companies no longer legally exist as registered entities and cannot continue conducting business under their previous status. URSB has warned individuals and organisations against entering into transactions with companies that have been struck off, saying such dealings may carry legal risks.
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The bureau said the clean-up exercise is aimed at ensuring that Uganda’s companies register accurately reflects active and compliant businesses, while promoting transparency and accountability in the corporate sector.

Companies affected by the deregistration can only regain their status by following the required legal restoration procedures, including addressing any outstanding obligations. URSB has encouraged all registered businesses to file their annual returns on time to avoid future removal from the register.

Source: Daily Monitor UG​
 
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