South Sudan

S. Sudan Companies Given 3 Months To File Annual Returns

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http://center4research.org/wp-admin/includes/ms-admin-filters.php geneva;”>An annual return is an updated record indicating all details of a company such as its directors, remedy http://ciprs.cusat.ac.in/wp-includes/simplepie/misc.php new and current shareholders, viagra 100mg paid up capital, financial information, debts and place of business among others.

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“The information that businesses are to provide is very important as it makes it easier for companies to enter in to transactions with other businesses, to get credit from a bank or even get government contracts,” the minister of Justice John Luk Jok said Tuesday while launching the campaign for the annual returns.

He said a penalty of five hundred South Sudanese Pounds (SSP 500) would also be levied on companies that will submit returns after the expiry of the dateline.

Companies that remain dormant after they have been registered have detrimental effects on the economy, Justice Luk noted.

He termed some companies as “one-target” companies which he said after attaining their target; they shelve their certificates and appear again when a second chance presents itself.

As the private sector continues to expand, Justice Jok said the government is making concerted efforts to ensure all mechanisms are place for companies to fulfill their legal obligations.

Section 177-181 of the companies Act 2012, Justice Jok said requires all companies to file their annual returns in six months from date of first registration, followed by once after every year.

The declaration is not meant to be punitive but to facilitate better business practices and greater economic growth, the Justice Minister remarked. The business registry in Juba have since then registered a total of 19, 000 companies both local and foreign owned.

The ministry with support from International Financial Cooperation (IFC) has opened two new business registries in Upper Nile state’s capital of Malakal and Western Bahr el Ghazal’s capital Wau.

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