Changes to simplify limited liability companies tabled in Parliament

The Economy and Development Ministry submitted to parliament on Monday a draft bill allowing for the simplification of limited liability companies.

Changes include cutting bureaucracy by allowing for a reduction in minimum capital amount required. Those setting up companies will also be able to do so with a charter that no longer needs to be prepared by a notary.

Additionally, details on the company need only be published on the GEMI business registry, in a move that will also give the company legal status.