KAMPALA – The Uganda Registration Services Bureau (URSB) has issued a final warning to companies that have failed to file their annual returns for over five years, threatening to deregister them if they do not comply.
In a statement released on August 12, 2024, URSB announced that it will strike off the register companies that have not filed their annual returns for a period of five years, effective August 30, 2024.
This move is aimed at enforcing regulatory compliance and maintaining the integrity of the corporate registry. URSB has already published a list of companies that have been struck off the register on their website.
Companies that wish to avoid deregistration must apply for restoration by August 30, 2024, through the Online Business Registration System (OBRS). Failure to do so will result in severe legal implications, including loss of corporate status and potential liabilities for directors and shareholders.
URSB has emphasized the importance of timely submission of annual returns, as mandated by the law, and has urged companies to take immediate action to avoid deregistration.
This move is part of URSB’s efforts to promote transparency, accountability, and good corporate governance in the business sector. By maintaining a credible register, URSB aims to distinguish active companies from inactive ones, allowing other interested persons to use names of inactive and deregistered companies.
The URSB has warned that deregistration will have serious consequences for companies, including the loss of their corporate status, inability to conduct business, and potential legal liabilities for directors and shareholders.