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Corporate Affairs Commission sets deadline for registration of exiting companies

January 14, 2016 By Regina Pratt

Chief Executive Officer and Registrar of the Corporate Affairs Commission, Ms. Michalla Mackay, has disclosed that the end of August is deadline for registration of exiting companies operating in Sierra Leone.

Ms. Mackay made the statement Tuesday, 12 January at a one-day experience sharing workshop held with stakeholders at the Bank of Sierra Leone Complex in Freetown, adding that the registration would be free of charge.

She informed stakeholders that the Corporate Affairs Commission was established by the Companies Act of 2009 to supervise and regulate all companies in Sierra Leone, and that it had been granted mandate to draft regulations that would facilitate its operations.

She revealed that the purpose of the workshop was to inform investors about the processes and procedures of registering a company to protect investors from dodgy promoters.

Ms. Mackay also spoke on the processes of acquisition of business by which a company might take over from another, and encouraged companies to state their prescribed shares.

“Given the number of companies on the register and in order to ensure this exercise is conducted in an orderly manner, all existing companies are required to complete the recall form 531 Schedule 1 of the Companies Regulations 2015 and submit the same to the commission within the period specified along with copies of the required documents,” she urged.

She called on investors to only pay fees that are stipulated in the schedules, adding that there is no provision to give bribes as she appealed to them to go through the compliance unit.

Deputy Minister of Trade and Industry, Mabinty Daramy, said the workshop was organised to sensitise the private sector on procedures of companies’ registration, adding that service provided would add enormous advantage to companies.

Chairman Corporate Affairs Commission, Mr. C.E.O. Coker, said the regulator’s brief was to have proper and legal registration of companies.

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