Companies failing to pay annual fee to be dissolved via Registrar of Companies

The government has presented a bill to the parliament proposing revision to the Companies Act, stipulating the power for Registrar of Companies to dissolve companies failing to pay the annual fee.

The bill was presented by Kulhudhuhfushi parliamentary member, Abdul Ghafoor Moosa on behalf of the current administration, stating 7,000 cases of registered companies with inconsistencies in the past 22 years. These inconsistencies include, failing to pay the annual fee and the annual statistical reports as well as failing to present the annual reports of directors and auditors.