A company must operate within its lawful registered objectives. To add or materially change an objective, it should follow the Companies Act, amend the Memorandum as required and record the change with OCR.
Why objectives matter
Company registration does not authorize activities outside the company’s registered objectives. OCR specifically monitors whether a company’s actual business corresponds with its approved objectives.
Process
A change generally requires:
- an appropriate shareholder decision;
- amendment of the Memorandum;
- an application through CAMIS;
- OCR approval or recording;
- prior approval from another regulator where the new activity is regulated.
Important point
Adding an objective does not itself grant a sector licence. A company entering banking, insurance, education, health, tourism, foreign employment or another regulated field must separately meet the relevant licensing requirements.