The Business and Intellectual Property Authority (BIPA) is seeking input from stakeholders on the country's decades-old Corporate Laws.
BIPA, in collaboration with the Ministry of Trade and Industrialisation, initiated the legislative reform process of the Companies Act of 2004 and the Close Corporation Act of 1988.
The review process of the Corporate Laws aims to merge the two Acts that would regulate all forms of business entities, including aspects of business rescue and corporate governance.
"We are consulting with the business people on the different forms of entities that can be considered for corporations in the new law; currently, we are the only country around the world that still maintains or administers businesses using two legislations, the Close Corporation Act and the Companies Act. There is a need that we discuss with the business community: Is it not possible that we can have one law that speaks to both laws that we currently have?" said BIPA's Executive for Business Registration Services, Rapha Likando.
Moreover, the proposed amendment aims to simplify the business registration process.
"We are also looking at simplifying the business registration process with the view to easing the doing of business, not only for local investors but also for international investors, and also aligning to international standards in terms of business conduct and compliance. There are issues that are being discussed, introduced, and considered for introduction in the new law, such as provisions relating to business rescue, which will then ensure that companies that are in financial distress can actually benefit from business rescue before they are actually considered for liquidation."
The consultations are also scheduled to take place at Mariental, Walvisbay, and Windhoek.
Likando urged the business community of these towns to take part in the exercise.