THE new Companies Act will make it easy to access information about campanies and make amendments because most of the information will be in digital form stored in computers.
Currently all the information about companies are in files stored with the Ministry of Lands.
Permanent Secretary for Commerce and Industry Barnabas Anga said with the current filing system it’s even harder to access information about a certain company because things are done manually by looking up files.
"Under the new one, all the information about any existing and new companies will be digitised and stored computer files and within seconds of search, you can see the required information about a certain company.
"So it makes it easy to access information and make any changes," he said.
Asian Development Bank advisor Aaron Levine who made a presentation about the new companies act said it’s important that companies must re-register under the new Companies Act.
The new act is set to become effective in May this year.
Mr Levine gave few reasons why it’s important for a company to register in May and onwards.
- A company cannot exist without a certificate of incorporation;
- The registry exists as a service to the private sector;
- The registry organises basic information about every company with goals of providing useful information and ultimately building business confidence; and
- In return for the benefits of being a company, each company must disclose and update basic information to the registry.
After the commencement of the new act in May companies both existing and new one must register to allow the new register office to input new information into their system for their filing.
By MOFFAT MAMU
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