Over 100 companies to be deregistered from the list of companies in Kenya.
Over 100 companies to be deregistered, this was the announcement made by the registrar of companies, Joyce Koech.
The registrar has given the companies a period of three of months to state why they should not be deregistered.
The notice read,”The Registrar of Companies gives notice that the names of the companies specified hereunder shall be struck off from the Register of Companies at the expiry of three months from the date of publication of this Notice, and invites any person to show cause why the companies should not be struck off from the Register of Companies.”
Sources privy to Kenyans.co.ke stated that some of this companies are not able to sustain themselves because of various economic factors.
The Source said,”Some people set up companies but they are not able to transact some businesses so the registrar of companies come in occasionally. I would not put it specifically as a result of the economy. It could also be some business were registered but they haven’t really picked up the traction that could warrant them to be ongoing as a business.”
“We never get to get some granular details about the companies. I suspect that this are the Micro, Small and Medium Enterprises (MSMEs) businesses. Because of the taxes, rather than having a company where the directors will be liable, the most logical thing is to shut down the company so as not to incur from a tax perspective,” he added
On the other hand, the country’s produce has declined over the months. According to the Kenya national bereau of statistics, produce was poor mainly because of unfavorable weather conditions.
KNBS stated,”Agriculture, forestry and fishing activities’ value added contracted for the third consecutive quarters, mainly attributed to unfavourable weather conditions that characterised the last quarter of 2021 and the first half of 2022.”