Over 1500 additional companies to be dissolved by Ministry

Economic Ministry has announced over 1500 additional companies that are being dissolved by the Ministry.

The second list named 1597 companies that are being dissolved under the mandate of the Registrar of Companies for failure to pay annual fees. The companies were registered between the year 2002 and 2006.

Economic Ministry stated that if the companies included in the list wished to continue to run the company, all necessary procedures must be fulfilled before 4th of August. All relevant documents that conform the completion of necessary procedures and a board resolution confirming the company's wish to maintain the company should also be filed at the Ministry.

Registrar of Companies Mariyam Visaam said that with the new policies in place, recognizing inactive companies has become easy. There are four main circumstance under which a company may be dissolved.

"A company may be dissolved for failure to pay annual fees during the given period. This means, all fees upto May must be paid to avoid being dissolved. This is the new procedure under recently implemented policies", said Visaam.

The list of companies being dissolved earlier in June includes 523 companies, some of which were registered 30 years ago. Companies in the first list includes companies registered between 1979 and 2000.