MORE than 500 companies out of 725 which were threatened with deregistration for failure to file annual returns still face deregistration because they have not done so up to now.
Only about 218 of the total number of companies earlier earmarked for deregistration by the Patents and Companies Registration Agency (PACRA) have filed their annual returns during the amnesty period.
PACRA chief executive officer Anthony Bwembya who confirmed this in an interview said the agency will go ahead and deregister the erring companies after December 31 2012, in readiness for the digitalisation of the system.
He said a total of 5181 companies filed their annual returns countrywide since October 2012.
Mr Bwembya said the agency would, however, go ahead and deregister the more than 500 companies, without further notice, if they will not have filed their annual returns after the deadline.
More than 725 companies in Lusaka alone were scheduled to be deregistered by the agency after having failed to meet their statutory obligation but were given a grace period of up to December 31 2012.
The agency gave an amnesty to determine the number of companies that were still operational before migrating to the digital system in January 2013.
It is a statutory requirement for companies to submit their annual returns to the registration agency and deregistration is the penalty for failure to comply with the law.
“I must say that the response has in terms of the number of companies that have come forward to file their annual returns is satisfactory, but looking at the number of companies on our data base, we think that we can do more in the remaining two weeks before the amnesty comes to an end,” Mr Bwembya said.
Mr Bwembya said the deregistration would reduce on the cost of digitalisation and its database would have been cleaned to create space for new businesses.
Before effecting the deregistration after December 31 this year, names of affected companies would be published in the local print media after which the deregistration process would commence.
“The annual return which is a statutory requirement is important because it states the position of the company as at the date of the return. So it does not pay for us to keep maintaining companies which are defunct,” he said
True !!
How and where do you file these returns
@Shimaini,go to their offices they avail you with all the information. Pacra is more efficient l am happy with the way they work. Bravo pacra!
@Shimaini just go on the internet and type in pacra and down load the forms very simple?
Pacra is efficient now. I registered my enterprise in a month. And that’s good for someone abroad.
i like the work u are doing but were can i found PACRA in zambia i need to ask some quastions about how u discuss the process of company registration with PACRA.
Our due date for the annual returns is 31 Dec, how long is our grace period?
I filed returns for 2012 and paid the prescribed fees. I have a copy of my return together with a payment receipt. But When I wanted to file the return for 2013/2014 I was told you have no record of my 2012 return. I emailed copies but you insisted for the original copies. What is wrong with your record keeping. Something must be done. My Company is BCL Import and Export Ltd.
plse help us how we can register a company limited by shares, because we a grz trades training institution. can an institution hold shares? is it a person? can shares be held under trust.
Comment:councils u normal use are incompetent personal some times just move to were there is need.
Comment:councils u normally use are incompetent personal some times just move to were there is need.