Boards of commercial companies in Angola will certify their own minute books

30 January 2020

The certification of company minute books with the Commercial Registry will no longer be required in Angola and the boards of the companies themselves will carry out that process, according to the terms of proposed amendment laws to the Commercial and Basic Code of Public Sector Enterprise, analysed on Wednesday in Luanda by the Council of Ministers of Angola.

The amendment to this Law, said the statement issued at the end of the session, is a result of the need to adapt procedures within commercial companies to the dynamics of the national and international economy, to improve the business environment, bureaucracy and simplify the establishment of commercial companies.

The proposed amendment to the Law on Public Sector Enterprise is intended to safeguard the public interest in enterprises in which the state has a stake, via special shares and rights when the State is a minority partner.

The Council of Ministers made an initial approach to the Legal Regime on Business Recovery and Insolvency, a law that aims to adapt the legal framework to the current treatment of insolvency law, allowing companies to overcome their financial troubles.

This new system will allow companies to safeguard the interests of creditors, keep jobs, stimulate and promote economic activity and its role within society.

The Council of Ministers approved the creation of a single form to register companies and to do away with a multitude of official processes, which are still in place in the process of setting up a company.

With this new form, the Government reaffirms its commitment to encouraging private investment, both domestic and foreign, ensuring a reduction in the number of procedures required, placing the country among the best in the process of setting up a company and thereby facilitating the business environment. (macauhub)