Default in submitting annual returns and fees shall incur a penalty of:

  • 33.33% of the annual fee if submitted between 1st April & 30th of June
  • 66.67% of the annual fee if submitted between 1st July & 30th of September
  • 100% of the annual fee if submitted between 1st October & 31st of December

After 12 months of failure to make the return and pay an annual fee, the company SHALL be deemed DEFUNCT and subject to removal (struck) from the register.