Companies & Other Business Entities Act
19 March 2020
The Companies and other Business Entities Act [Chapter 24.31] (COBE) came into effect on the 13th of February 2020. It repeals and replaces both the 1952 Companies Act [Chapter 24.03] and the 1993 Private Business Corporations Act [Chapter 24.11]. The Act is to operate together with SI 46 of 2020 which prescribes the pre- and post-registration formalities of entities, and SI 47 of 2020 which contains a list of applicable fees due to the Registrar on complying with the SI 46 formalities.
Attached are highlights of major changes introduced by COBE for Private Limited Companies. This newsletter excludes details relating to changes imposed specifically on Public Companies.