The Corporate Affairs Commission (CAC) has complained that despite the work they do in increasing the countries doing business ranking amongst others their allocation is not commensurate to what they do. The Commission in 2018 and 2019 was allocated Le482 million and Le434 million and they generated Le1.133 billion and Le868 million (Jan-Sept 2019) and they have transferred Le1.277 billion to the Consolidated Revenue Fund. The Chief Executive Officer and Registrar of the Commission Michala Mackay said that they are constrained as they are understaffed with only 11 permanent staff, 5 interns and 2 archivists. The Commission she said cannot recruit the other essential staff because the Board has not been constituted. The Commission she said has increased the number of incorporations from 1,081 to 1,426 and 2,185 in 2016, 2017 and 2018. A total of 120 foreign companies were registered and 1,473 companies were registered and restored. They have also digitized 6,520 company records to improve data access for purposes of investigations.
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Of the 2,185 incorporations general services accounts for 23.7% followed by construction with 19.9% and import and export 13.6%. The least sectors are NGO with 0.7%, telecom 0.7% and exploration 0.9. As part of their deliverable for 2020, they will be working towards formalizing the informal sector with special reference to female entrepreneurs to help them towards access to credit. Among their challenges is the fact that Ministry of Works is yet to pay their annual rent of US$6,500 which was due in July 2019. The Commission will in 2020 review or amend the Companies Act to bring it in line with their current work practices, provide online access to company database, provide banking services at their head office, monitor the implementation of the Corporate Governance Code and open a regional station in Bo.
By Zainab Iyamide Joaque
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