April 21, 2019

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    Fee levied to register companies not enough

    July 11, 2014

    Industry and Commerce Minister Rishad Bathiudeen said in Parliament today that the amount of money charged when registering was very low and time had come to amend the fees of registering and re-registering.


    The Minister moving Regulations under the Companies Act and Societies Ordinance for the approval of parliament said that over 12,600 companies had been registered under the Department of Registrar of Companies. The fee levied to register a company was very low and not sufficient enough to maintain the work and institution. The revision of the fee levied had not been changed for the past five years. The task of the Department had been made easy by the services of chartered accountants and auditors. The Minister is vested with the power of increasing the fee levied to register a company by the provisions of the Companies Act and Societies Ordinance.


    The Minister said: “We have modernized the work process of the Department of Registrar of Companies. Its work process is being computerized and we hope to complete this task by June of next year.”(HC)


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