More than 1000 companies to be wound up

The Ministry of Economic Development has decided to wind up 1200 companies for failing to pay annual fees.

This was announced on the website of the ministry with a list of the companies which would get wound up. The companies are ones which were registered between 2012 and 2016 and have failed to pay the necessary fees.

The announcement stated that should any company wish to continue doing business, the ministry requires the company to provide documented proof of all necessary requirement along with a statement of the board of directors stating that the board agrees to run the company in the future.