Sunday, 12 July 2009

Company registration

Addressing the need to improve the existing regulation on Company Registration and to provide better service to the public in this field, the Minister of Law and Human Rights recently issued Regulation of the Minister of Law and Human Right No. M. HH-03. AH.01.01 Year 2009 on the same subject matter (“Regulation No. 03”).
Regulation No. o3 confirms the applicability of the Company Registration requirement under Law No. 40 of 2007 to all Limited Liability Companies, citing that the Company Register is a source of information on companies for the public. Among the information and data of a company that are recorded in the Company Register are:• name and domicile;• object and purpose and activities;• capital (start-up, placed and paid-up, number of shares and nominal value);• full address ;• number and date of the Deed of Establishment;• full name and addresses of the shareholders, directors, and commissioners;• audited financial documents, such as balance sheets and profit / loss statements.

Companies are also obliged to report on any changes to the recorded data or information that occur subsequent to the registration.
The Company Register is maintained by the Minister of Law and Human Rights, who may assign an officer for the administration. Regulation No. 03 also sets for the procedure for the recordation of the information and the maintenance of the register, as well as the procedure for obtaining information and data of a company.
This Regulation No. 03 entered into force on 9 February 2009, thereupon it revoked the previous Regulation of the Minister of Law and Human Rights No. M-01. HT.01.01 Year 2008.

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