The Minister of Trade and Industrialization, Lucia Iipumbu, has presented two motions in the National Assembly to amend laws and regulations related to the Companies Act of 2004 and Close Corporations.

"In the last decade, our economy and its regulatory framework have undergone massive reform. These reforms have been fundamental to our future and are driven both by our new democratic dispensation and by changes in the global economy. Company Law forms the basis for organising and galvanising the economy, especially corporate businesses. This entity is central to our country's economy and its prospects. The need to review and modernise company law in our country was informed by the need to bring our law in line with internal trends," said Iipumu while motivating the amendments, adding that "It is common knowledge that the majority of our population prefers registered close cooperation as opposed to two companies due to the fact that close cooperation is less rigid than companies. It therefore follows that there is a need to ensure that entrepreneurs who opt to register close corporations should not only receive adequate legal cushion, but such cushion should be current with the Ministry of Industrialization and Trade through its implementing agency, the business and intellectual property authority."



Serafia Nadunya