The Corporate Affairs Commission (CAC) has issued a formal notice to dormant companies, giving them a 90-day window to submit any overdue annual returns or face potential removal from the CAC registry. This action targets companies that have not filed their annual returns for a decade or more.
In a recent statement, the CAC outlined the importance of adhering to regulatory requirements to maintain active status. The notice, titled “NOTICE OF INTENTION TO STRIKE OFF COMPANIES FROM THE REGISTER,” underscores that this enforcement is in line with Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020.
The CAC's statement read:
“This is to inform the general public that the commission, under its powers contained in Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020, intends to strike off from the register names of defunct or dormant companies that have not filed annual returns for 10 years.”
The commission has granted these companies a grace period of 90 days to complete and submit their outstanding returns. Companies are required to email confirmation of their submission to the CAC to avoid being delisted.
The CAC's initiative aims to streamline its registry by removing inactive entities, ensuring that only compliant and operational companies remain listed.
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