Four (4) mandatory documents to be filed after registering a company
In 2023, the Uganda Registration Services Bureau (URSB) removed 875 companies from the Company Register due to non-compliance, specifically for failing to file annual returns for a consecutive period of five years. The Registrar of companies has the authority to de-register any company that fails to meet this requirement. URSB serves as the government agency responsible for business registration in Uganda. This article examines mandatory documents to be filed after the incorporation of a company.
- Annual Returns. Annual returns reflect the changes that have occurred overtime within a company. Every company must file an annual return within 42 days from the date when it holds its annual general meeting. Failure to file Annual returns for five consecutive years can lead to de-registration of the company by the Registrar of Companies. Stay compliant and avoid any unnecessary complications by always engaging your lawyers to offer the necessary regulatory compliance services.
- Business address . From the date of commencement of business or within 14 days from the date of incorporation, whichever is earlier, a company must file a notification of its address where any notice and communications will be addressed. The document is called a notification of address or notice of the situation of the registered office and the postal address.
- Return on allotment. Upon issuing shares to the shareholders, a company must file with Uganda Registration Services Bureau (URSB) a return on allotment within 60 days from the date of issuing the shares. If the above is not done, the officers of the company will be liable to pay a fine of Ugx 500,000 and an additional Ugx 100,000 for every day during which the company fails to file the return on allotment. Ensure timely compliance with this requirement to avoid any penalties or liabilities by engaging your lawyer to offer the necessary regulatory compliance services.
- Resolutions.Company resolutions are essential documents that a company must file with URSB (Uganda Registration Services Bureau) after registration. These resolutions represent the decisions made during board meetings and shareholder meetings. They ought to be signed by a minimum of two officers of the company. Filing company resolutions is a crucial aspect of maintaining proper corporate governance and ensuring compliance with regulatory requirements. By documenting and filing company resolutions, businesses demonstrate transparency and accountability in their decision-making processes.
In conclusion, if you are a principal officer or shareholder of a company, make sure that the company complies with the company laws and regulations in relation to document filings to avoid any unnecessary complications. If your company is amongst those that were struck off the company register or de-registered by URSB due to failure to file annual returns for five consecutive years, you can petition the Registrar of Companies, praying that the company be reinstated on the company register upon fulfillment of any terms and conditions that could be set. Your petition must include satisfactory reasons for failure to file the annual returns as required by law. Ensure your company’s sustained existence and credibility by abiding with the legal requirements on company document filings. Engage a lawyer for the necessary inevitable regulatory compliance.