Act to simplify setting up company
Wednesday, July 6, 2005, 09:01
The recently completed draft of the new Companies Act will introduce radical changes to the system of company registration with the aim of offering new entrepreneurs a long-awaited alternative to the current protracted and costly process of starting in business. Central to the proposal is to give the option of using standardized legal documents instead of paying a lawyer to draft them. New businesses will not be required to indicate their non-core activities in the articles of association (with the exception of licensed activities). The aim is to clear up the clutter of manifold activities listed on corporate documents and allow authorities to see clearly what businesses are actually doing.