The Commissioner of Corporate Affairs Commission Sierra Leone (CAC), has disclosed that there are 12,476 registered companies in Sierra Leone.

Corporate Affairs Commission Sierra Leone

Making the disclosure at the Government’s weekly press briefing in Freetown last Thursday, Commissioner Michaela Makaa furthered that 50% of those registered companies are non-functional.

According to Commissioner Michaela Makaa, the Company Act of 2009 as amended in 2014 gives the Commission the power to take over all company matters in the country based on the advice of World Bank.

She stressed that all existing companies should register with the Commission on a free of cost basis, adding that re-registration forms are only available at their website www.cac.gov.SL

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The Commissioner warned that re-registration should be done on or before 31st August, 2016, adding that companies that fail to adhere to the deadline will have their names struck off from the register, followed by punitive measures against the defaulters.

She disclosed that new business strategy and process will cost Le250,000 before the issuance of a business slip and a letter to the FCC informing them that such company has six months to establish and should be exempt from all forms of taxation.