africa Government industry and commerce Legislation Mozambique

Mozambique changes commercial code to improve business environment

The Mozambican government has approved some amendments to the Commercial Code in order to “reduce bureaucracy and make procedures more flexible and simpler,” for commercial companies, spokeswoman Ana Comoana announced at the end of the session of the Council of Ministers.

The spokeswoman, who is also deputy minister of Culture and Tourism, said that the changes introduced are intended to improve the business environment in the country, including “removal of the requirement of for notary recognition of signatures on company contracts.”

The amendments also include cancellation of the requirement to deposit share capital at company incorporation, as well as the protection of minority shareholders, according to Mozambican state news agency AIM.

This protection covers the accountability of managers and members of management bodies, including the obligation to promote disclosure of information relating to minority shareholders.

Source: Macauhub

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