Share capital denomination in foreign currencies allowed

The Companies Act (Amendment of Schedules) Order 2006, which was first published in November 2006 states that: "Companies approved to operate under the Botswana International Financial Services Centre (IFSC) may denominate their share capital in major convertible currencies, namely the United States Dollar (USD), the British Pound Sterling and the Euro."
Prior to this, the Companies Act of 1995 did not allow for the denomination of share capital of a Botswana company in foreign currency. Financial services centres around the world allow for the denomination of share capital in foreign currencies.
This amendment therefore brings the Botswana IFSC in line with international best practice. (IFSC)