Dor­mant com­pa­nies to be de-reg­is­tered

Lesotho Times - - Business -

THE Reg­is­trar of Com­pa­nies will, on 1 June 2015, start dereg­is­ter­ing com­pa­nies that failed to re-reg­is­ter or up­date their op­er­a­tional de­tails to shed light on their cur­rent sta­tus.

The reg­istry, which falls un­der the Min­istry of Trade and In­dus­try, has been updating its records and call­ing on all com­pa­nies reg­is­tered as far back as 1967, when the old Com­pa­nies Act was still in ef­fect, to be re-reg­is­tered.

How­ever, in keep­ing with the new Com­pa­nies Act, pro­mul­gated in 2011, the Reg­is­trar of Com­pa­nies will dereg­is­ter com­pa­nies which failed to com­ply with sec­tion 105 of the Act and sec­tion 87 (5) of the law. This is in re­la­tion to com­pa­nies that failed to file their an­nual re­ports and fi­nan­cial state­ments as re­quired un­der the law.

Said a press re­lease by On­eStop Busi­ness Fa­cil­i­ta­tion Cen­tre (OBFC) Com­mu­ni­ca­tion and Ad­vo­cacy Of­fi­cer ‘ Malempe Mokoma: “Cur­rently, there are about 17 460 com­pa­nies which have ig­nored the call from the of­fice of the Reg­is­trar of com­pa­nies to re-reg­is­ter or up­date their com­pany’s de­tails to re­flect the cur­rent sta­tus.

“The of­fice of the reg­is­trar of com­pa­nies re­quested all com­pa­nies reg­is­tered be­fore 1st May 2012 to come for­ward and re-reg­is­ter/up­date com­pany de­tails.

“The re-reg­is­tra­tion ex­er­cise started on the 1st of July 2013 and was ex­tended un­til 31 May 2015 whereby only 7 365 com­pa­nies com­plied.”

She added that the ap­pro­pri­ate fil­ing of an­nual re­turns en­abled the reg­is­trar to de­ter­mine which com­pa­nies were still in ex­is­tence and those that were dor­mant.

“More­over, it has come to the at­ten­tion of the of­fice of the Reg­is­trar of Com­pa­nies that most com­pa­nies failed to lodge the changes that oc­curred in their com­pany dur­ing the fi­nan­cial year,” fur­ther read the press re­lease.

“For in­stance, change of com­pany reg­is­tered of­fice ad­dress or di­rec­tors/ of­fi­cers of the com­pany.

“There­fore, the reg­is­ter of com­pa­nies did not re­flect the cur­rent sta­tus of the com­pany and the in- for­ma­tion in the data­base of the reg­istry was ob­so­lete and long over­taken by events.”

Ms Mokoma said the list of com­pa­nies to be re­moved from the reg­is­ter would be pub­lished in news­pa­pers, the OBFC web­site, Le­sotho Trade Por­tal web­site and the of­fice of Reg­is­trar of Com­pa­nies of­fice.

An­a­lysts have also noted that the cur­rent reg­is­ter gives a false im­pres­sion about the state of the econ­omy, adding that a clean, cred­i­ble and re­li­able com­pany reg­is­ter would en­able and fa­cil­i­tate the verification process by var­i­ous stake­hold­ers who also in­clude banks, po­ten­tial in­vestors and the gen­eral public.

An­a­lysts have warned that the cur­rent com­pany reg­is­ter gives a false im­pres­sion about the state of the econ­omy.

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