Dormant companies do not have any accounting transactions for the financial period, or has not started business since its inception.
Accounting transactions are not limited to the following:
- the taking of shares in the company by a subscriber to the memorandum in pursuance of an undertaking of his in the memorandum;
- the appointment of a secretary of the company under section 171;
- the appointment of an auditor under section 205;
- the maintenance of a registered office under sections 142, 143 and 144;
- the keeping of registers and books under sections 88, 131, 173, 189 and 191;
- the payment of any fee specified in the Second Schedule or an amount of any fine or default penalty paid to the Registrar under section 409(4).