• PACRA exceeds its annual registration target of 28,620 by registering over 36,000 businesses in the first 3 quarters of 2022.
• The registrations include 22,000 business names and 14,000 limited companies.
• During the period under review, the Agency registered 23,206 businesses.
Patents and Companies Registration Agency (PACRA) has exceeded its annual registration target of 28,620 by registering over 36,000 businesses in the first 3 quarters of 2022 exceeding its annual registration target by over 25%.
PACRA Business Development Manager Vaida B Njobvu said in a statement that the registrations include 22,000 business names and 14,000 limited companies.
Ms. Njobvu explained that during the period under review, the Agency registered 23,206 businesses translating into a 37.9% increase this year.
She said this surge in registrations has been attributed to the improved efficiency levels in service delivery owing to the full automation of the registration system as well as Government’s policy direction to increase funding to the Constituency Development Fund.
Meanwhile, Ms. Njobvu revealed that over 88, 000 businesses in 2022 filed their annual returns while 62,582 businesses were compliant last year which is against an annual target of 90,000 businesses.
“In addition, the Agency recorded a rising trajectory of over 40% increase in compliance levels for annual return submissions during the first 3 quarters of 2022 as compared to the same period last year. This year, over 88, 000 businesses filed their annual returns while 62,582 businesses were compliant last year. This is against an annual target of 90, 000,” she said.
And in relation to Collateral Registry, Ms Njobvu disclosed that the Agency registered a total of 1,310 financing statements.
“This is a steady increase from the 769 financing statements registered last year, during the same period under review, “she said.
“The Agency continued receiving applications for the protection of various Intellectual Property Rights. To this end, 1,432 Trademarks were registered against an annual target of 2,700 while 1,292 Trademarks were renewed against an annual target of 1,018 during the period under review, “she added.
