October 6, 2021
BY MOHAMED M. SESAY
During his 2022 fiscal year budget presentation, the Acting Chief Executive Officer and Registrar of the Corporate Affairs Commission (CAC) Prince B. Williams, has on the 4th of October 2021, pleaded for a retention of at least 50% of the fees/revenue generated by the Corporate Affairs Commission which will capacitate the Commission to generate more revenue for the country.
Prince Williams also assured the budget hearing committee that the Corporate Affairs Commission will generate two billion Leones towards the end of 2021. He however expressed his dissatisfaction that 75% of businesses and companies are not in compliance with the Commission in terms of updating their business registrations.
“We always send warnings to companies that are not in compliance with the Commission and if they failed to comply, then we will penalize them. We are hoping to generate two billion Leones plus at the end of 2021 and we wish we can have at least 50% of that money”, he said.
The Acting Chief Executive Officer and Registrar, highlighted their key deliverables for the fiscal year 2022 which he centered on; approval to proceed with recruitment of new staff, to adopt the relevant portion of the electronic transaction act in order to enable their work force processes, to engage in public sensitization on the work they do, to open regional stations in Bo and Makeni, to provide online access to company database, continue with the company cleaning exercise, improve partnership with the private sector, monitor the implementation of the National Corporate Governance Code among others.
As part of their key achievement for 2020, Prince Williams disclosed that, they have introduced monthly leadership meeting which serves as a forum for assessment of their work mandate, established a comprehensive database, the review of the company Act of 2009 and companies amendment Acct of 2014 is underway, the automation of processes and procedures for registration of business is also underway, alongside joint working with the Sierra Leone Commercial bank in collateral Register among others.
Also highlighting the challenges faced by the Corporate Affairs Commission, Prince Williams expressed that NASSIT claims for payment of social security contributions for interns has been a challenge, unavailability of internet service has been negatively impacting on the commitment to service users, the rent of the commission has not being timely paid, inadequate funding and untimely disbursement of budget, inadequate and obsolete equipment to meet increasing demands on their service among others.
The Corporate Affairs Commission was established by virtue of the companies Act of 2009. The Commission is also a body corporate capable of suing and being sued in its corporate name. The function of the Commission is to; administer the act including the regulation and supervision of the incorporation and registration of companies pursuant to the act etc.