OVER 15 COMPANIES TO BE DEREGISTERED

MBABANE – Nearly 20 companies stood to be deregistered within the last two months of 2018.

This has been unearthed by an independent analysis by the Business Desk on the basis of legal notices that had been issued by the Registry of Companies. The registrar gave the companies two months’ notice to prove that they were still carrying on with business. “Unless cause is shown to the contrary at the end of two months the company could be deregistered and struck off the Eswatini Register of Companies,” read one of the gazettes in part.

Date

It should, however, be mentioned that the date of being dissolved for each of the affected companies depends on the date on which the legal notice was issued. It should be stated that over 1 000 companies recently stood to be deregistered.

Among

These entities were among the 52 000 locally registered companies which stood to face the chop for continuous failure to comply with Section 62 (2) of the Companies Act Number eight of 2009, by not submitting their annual returns to the registrar of companies. This hard line approach adopted by the Registry of Companies was in exercise of powers conferred by the Companies’ Act.

Stipulates

The legislation stipulates that all companies should submit their annual returns and also pay company renewal fees which make them eligible to be issued with a trading licence. In line with the legislation, the registrar invokes Section 62, which stipulates that if the registrar has reasonable cause to believe that a company was no longer doing business in the country, the registrar issues a notice for the company to show cause why they should not be struck off from the Register of Companies.

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