Business and Intellectual Property Authority (Bipa) held a stakeholder consultation today at Ongwediva on corporate law review and proposed amendments to the existing legislations.
The meeting saw presentations and discussions on the proposed review of the existing Close Corporations Act (Act 26 of 1988) and Companies Act (Act 28 of 2004), and the development of the proposed new business entities legislation.
The engagement gave insight into the rationale behind the development of a new legal framework that will guide business and commercial enterprises in Namibia.
“The purpose of this meeting is to consult with you to hear what you want to be in this law, because the law will affect you and the way you operate your businesses,” said Mr Raphael Likando, the executive for business registration services at Bipa.
Likando explained that in order to keep Namibia on par with the rest of the world, recommendations were made that a review of the current legal framework be undertaken with the view of developing a new legislation which will serve the national agenda, the business environment and aligned to international best practices.
The rationale behind the review of the existing business legal framework is: to ensure that the legal framework supports, promotes and aligned to the national development agenda;
To ensure the legal framework is responsive to the business environment, investors and entrepreneurs;
To ensure that the legal framework is inclusive to digital processes;
To ensure that the legal framework is aligned to regional and international best practices;
Ensure that all entrepreneurs and investors have access to services from everywhere;
And to ease the regulation of business as well as administration of the business entities laws to preserve the integrity of business.
Likando emphasised that the main change to the law regulating businesses will be the replacement of the Close Corporations legislation with a new one to be called “Closely Held Company”.
“After the changes to the law are done, current CC’s will continue to operate until they are converted into closely-held companies,” Likando said.
He further stated that Namibia needs a good company law that will facilitate a protective and fertile environment for economic activity.
“The law, therefore, must create a business environment that is very attractive to the investor and the entrepreneur to stimulate economic activity in Namibia.”
Mr Likando’s team is on a national consultation tour, with their next stop being Eenhana on Monday the 15th of May, from where they will proceed to Omuthiya on 17 May.
In the photo: Mr Nkgopolang Knowledge Serogwe, who is Bipa’s legal advisor, is making a presentation on types of companies, registration & incorporation, purposes and powers of a company.
