PACRA extends ultimatum
Published On September 29, 2014 » 1827 Views» By Davies M.M Chanda » Business, Stories
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THE Patents and Companies Registration Agency (PACRA) has extended its ultimatum for the 1,000 companies to file their annual returns or be deregistered by three months effective today.
PACRA public relations officer Vaida Bunda said in an interview that as per legal requirement, the agency afforded the companies an additional three months in which to file their annual returns or face deregistration.
Ms Bunda said the agency would, however, gazette the names of the companies facing deregistration for not filing their annual returns with PACRA on time.
“The law provides that the agency gives an additional three months after the dateline for the companies to file their annual returns, failure to which they would be deregistered and PACRA will no longer recognise their presence,” she said.
Ms Bunda said for annual returns, the agency was charging K30 for business names and K60 for companies per year; hence there was no excuse for failure to comply with the law pertaining to the remitting of annual returns.
She said it was important for the companies to file annual returns with the agency so that records are up to date.
Section 12 of the Registration of Business Names Act number 16 of 2011 requires every business registered under the Act to submit annual returns.
Meanwhile, Ms Bunda said PACRA was today expected to open a branch in Kabwe completing the agency’s presence in all provincial centres in the country.
She said the presence of an agency in Kabwe would give business people in Central Province an opportunity to formalise their operations.

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