Ministry of Economic Development has dissolved nearly 5,000 companies which have been not paid annual fees for several years.
The economic ministry announced 4,924 companies have been dissolved under the order of the Registrar of Companies Mariyam Visam, in accordance to Clause 75 of the Companies Act. The ministry revealed the companies were dissolved after completing the due process for dissolution as stated in the Companies Act.
The economic ministry revealed 6,050 companies were initially selected for dissolution, after being recorded as inactive due to failure to pay annual fees for several years. The ministry stated the companies were given a timeframe to submit the required documents in order to keep the company active, during which 111 companies responded.
Furthermore, the economic ministry also revealed a timeframe was given to provide information on any outstanding debt or charges against a company selected for dissolution, during which information of cases against 1,017 companies were submitted to the ministry. The ministry stated the dissolution process of such companies will be carried out through court, as stated in the Companies Act.
The economic ministry has published the names of the dissolved companies on its website. The ministry has requested individuals who wish to clarify any information regarding a dissolved company to contact the ministry through the designated email.