Uganda companies to be axed from the company register
Uganda, March 14 – Uganda companies are nearing to be wiped out from the company register, failing to comply with the law. According to Uganda Registration Services Bureau (URSB), they are ready to shut down the companies that have not been compliance in filing their annual returns, which shows a breach of trust.
URSB is in charge of registration of business names, companies, business documents among other obligations in the country. The decision to delete the not cooperating companies is to ensure clarity and order is kept in the business field. They need to keep clean records of each company recorded under them for efficiency and effectiveness.
A number of cases have emerged in financial misunderstandings among such cooperatives that have left the URSB in disarray for a moment. Companies have failed to pay their dues in terms of financial pays to the beneficiaries leaving URSB no option but iron out the complaints. A good sum of money has disappeared with the beneficiaries not gaining any profit from transactions made.
The exercise to file the complaints by the beneficiaries become a major concern with no proof of their claim. This is to set the record straights and ensure there are no misconducts in the businesses. The government agency that was established by the Act of Parliament has voiced out that this is not the first time such incidences have been forwarded to them.
The legal requirements have been ignored and the agency is looking intently at the matter to rectify the situation. Dishonesty among such companies have robbed the customers and beneficiaries the joy to enjoy their investments and has had massive repercussions on the economy of the country.
Cases that have been drawn to the attention by the judges remain pending with lack of evidence.