—-Government says consultations on the Companies’ Bill to
distinguish local companies from foreign ones have reached an advanced stage.
Commerce, Trade, and Industry Minister, Emmanuel Chenda, says government wants to exhaust all consultations with various stakeholders to ensure inclusiveness and efficiency.
Mr Chenda told ZANIS Business that his ministry only has one more consultation to conduct
in the city of Livingstone before sitting down to decide how best it will draft the bill.
Mr Chenda disclosed that it is the intention of government to present the bill to parliament as soon as it is ready.
He affirmed that the formulation and registration of the bill will be the pillar for all
company registrations as government seeks to reduce the cost of doing business
in the country.
The minister stated that government is working tirelessly to create an enabling environment for investment in the country, especially through the review of the private sector
development reform programme.
He said there is need to review and remove all regulations that hinder growth of the private
sector as quickly as possible.
Mr Chenda added that the development of Zambia will only be fully achieved through the
development of the private sector.
The current Companies’ Act of 2000 provides for the formation, management, administration and winding-up of companies. It also provides for the registration of charges over the undertakings or properties of companies.
The act also provides for the registration of foreign companies doing business in Zambia and to provide for matters connected with or incidental to the foregoing.
Among the notable things government intends to include in the new bill is a provision to allow for different colour certificates for local and foreign companies.