New laws close loopholes for corporate vice :: Mmegi Online

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.

Already have an active account? Log in here.

Or Sign up and get unlimited access to premium articles.