New laws close loopholes for corporate vice

The re-registration will pave way for an online database
The re-registration will pave way for an online database

Amendments to the Companies Act are set to be passed in Parliament, requiring all companies to re-register their names and shareholdings online for free public access, while also rooting out shadowy investors and practices, BusinessWeek has established.

The amendments to the Companies Act will also kill off the provision for dormant companies and instead only provide two possible statuses for companies – active and deregistered.

New Investment, Trade and Industry minister, Bogolo Kenewendo this week retabled the Companies Act amendments, as well as the Registration of Business Names Re-Registration Bill and Registration of Business Names Bill in Parliament. Legislators passed the Registration of Business Names Re-Registration Bill on Tuesday. The youthful minister said the legislation was part of the broader Doing Business reforms roadmap.

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The fees have been doubled from the previous amounts and raise concerns about political participation accessibility and democratic representation principles.This significant fee increase prompts questions regarding its impact on grassroots democracy.On one hand, the fees act as a filter, ensuring only serious contenders enter the race, potentially reducing frivolous candidacies and generating crucial campaign funds. The BDP argues that aspiring...

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