Sandra Ainebyoona.
The Uganda Registration Services Bureau (URSB) has launched a company data update and annual returns filing exercise, revealing a staggering figure of 186,000 companies that have been struck off the register due to failure in filing their annual returns. This move, governed by the Companies Act 1 of 2012, highlights the critical importance of compliance and accountability in the business landscape.
The URSB’s recent undertaking has brought to light a concerning trend where a substantial number of companies have not adhered to their responsibility of filing annual returns. For a continuous span of five years, these companies remained delinquent, prompting the bureau to take proactive measures.
The Uganda Registration Services Bureau plays a role in overseeing registrations, providing vital information related to civil, business, and intellectual property matters. Additionally, it serves as the official receiver and liquidator, emphasizing its role in maintaining the integrity of the business ecosystem.
Amidst this wave of deregistration, the URSB has initiated a comprehensive company data update and annual returns filing exercise. Spanning over a two-day period from August 14 to 16, this exercise aims to streamline and enhance the accuracy of company records, ultimately contributing to a more transparent and well-regulated business environment.
Before implementing the significant step of striking off, the URSB issued warnings to the companies in question. These entities were granted an opportunity to rectify their non-compliance by filing a statement of solvency and presenting justifiable reasons for their lapses in filing annual returns.
In accordance with the provisions of Section 134 (6) of the Companies Act 1 of 2021, the URSB has officially executed the striking off process for over 186,000 companies. This consequential action underscores the URSB’s unwavering commitment to enforcing regulatory standards and ensuring accountability.
