Statutory Compliance and Annual Returns Filling

Statutory Compliance

All Registered Companies in Zimbabwe by law are mandated to draft and file statutory annual returns once every year within the required time frame as regulated by the Companies and Other Business Entities Act.

By filing the annual returns with the Registrar of Companies, the company confirms the existence of a company or it will be in business in the near future. Statutory annual return is a summary of the most relevant information pertaining to a company.

Vision Point is your trusted partner when it comes to keeping your company in good standing with the Registrar of Companies. We are to help you avoid any penalties, possible deregistration, or the aggravation of trying to reinstate the company. Our consultants will lodge your annual returns timorously within the stipulated time frame. We will :

Always be aware of your company’s Annual Return Date

Ensure that your company’s financial statements are prepared well ( and you know your authorised & issued share capital)

Provide assistance and send reminders to your company.

FAQs

What happens if a company has been de-registered?

Once a company has been deregistered, the Registrar of companies removes the company from its active records. Legally, the company will now cease to exist and the company name will become available to the general public for registration.

Can l request for the de-registration process to be cancelled?

Once the company is in the deregistration process due to the non-payment of annual returns, it is possible for the deregistration process to be cancelled if all outstanding annual returns are paid up to date.

If however the company is in final deregistration, then the company can apply for reinstatement upon filing of the required documentation. If the application is successful and all reinstatement criteria are met, the Registrar of Companies will change the status of the company to “in reinstatement process”, at a prescribed fee.

I need a question for the answer below

The prescribed filing fees for annual returns are legislated, and as such cannot be waived by the Registrar of companies. When a company fails to submit its annual returns, the Registrar of Companies will assume the company is no longer trading and may cause the company to be de-registered.

To conclude, filing your Annual Returns is of the utmost importance. If you are not sure of the whole process, then get in touch with us for a detailed guide and walk through.

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