São Tomé and Príncipe adopts new Commercial Registration Code

The new São Tomé and Príncipe Commercial Registration Code, which will enter into force on 3 January 2019, will replace the current Commercial Registration Code and the Commercial Registration Regulation, which date back to 1959 and will be revoked as of that date, according to information from the Regional Coordination of Legis-PALOP+TL.

The main changes included in the new Code are mandatory computerisation of all acts of commercial registration, initially excluding the cancellations that have yet to be put into a computer, which will be allowed to be recorded in books until the Minister of Justice, Public Administration and Human Rights orders their economic registration.

Commercial entrepreneurs who are legal entities have a period of 15 days to apply for registration, for example of the incorporation of the company, including the articles of association, and their amendments or of the deliberation of acquisition and sale of assets to partners or associates, or pay a fine.

The Regional Coordination of Legis-PALOP+TL noted that it is compulsory to register the creation, modification and closure of permanent representations of commercial entrepreneurs based abroad. (macauhub)