The Companies Office Update

 The Companies and Other Business Entities Act (Chapter 24:31) was signed into law in November 2019 and came into effect on 13 February 2020.  To operationalize this new law the Companies Regulations and Schedule of Fees were gazetted through the Statutory Instruments 46 and 47 respectively.

The Companies and Other Business Entities Act introduced some new yet necessary processes which are meant to improve ease of doing business, protect minority investors and improve transparency in the administration of companies and other business entities.

Some of the new processes introduced are listed below.

o  The Companies Office  as a corporate entity

o  Assumed Names for already existing companies

o  Replacement of lost, defaced or destroyed document

o  Inspections and Investigations of Companies and other business entities

o  Disclosure of Beneficial ownership of shares

o  Mergers and Takeovers

o  Corporate governance issues

o  Civil Penalties

o  Electronic Registry

o  Voluntary registrations of associations, partnerships and syndicates

o  Reregistration of existing Companies and Private Business Corporations

Any comments and suggestions are very welcome.

 

 

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