Business Legislation for Registration and Liquidation Approved
In a recent development, a new law has introduced significant modifications to the company registration and exit procedures. The changes aim to streamline processes, enhance legal certainty, and better protect all parties involved, including creditors.
One of the key changes is the adjustment of information provision periods during company registration and exit processes. Although specific timelines have not been detailed, these changes are intended to ensure timely compliance with regulatory requirements and expedite procedures.
Another significant modification is the introduction or reinforcement of mandatory notarial certification for certain company registration and exit documents. This move aims to increase the authenticity of submitted documents and reduce the risk of fraud. Notaries are now required to verify identities using government-issued credentials or credible witnesses and maintain detailed journals of notarizations for at least five years.
The law also delegates or adjusts the authority responsible for company registration and exit procedures. Registers of deeds or similar officials may now manage these records, facilitating more localized or specialized handling of registration and exit formalities.
The new law strengthens mechanisms to protect creditors during company exits. Enhanced documentation and registration controls facilitate creditor oversight and reduce risks of fraud or non-compliance, indirectly safeguarding creditor interests.
Other changes include the requirement for companies to notify the registering authority of any address changes, the registration of companies using standard charters, and the reduction of the registration period with tax and other authorities from five to three working days. The number of registering authorities is also set to decrease, with the registering authority now determined by the location of the company.
Requirements for updating company data, including information about beneficial owners, have been tightened. If a company's activity is deemed a threat to national security, registration will be rejected. The administrations of free economic zones have been excluded from the list of registering authorities.
New rules for protecting the rights of creditors have been introduced, and the registering authority can refuse registration of reorganization if the company has unfulfilled obligations to creditors. It is no longer necessary to receive a notification of registration with tax and other authorities.
These changes collectively improve the legal clarity, authenticity, and regulatory oversight of company registration and exit processes. However, for precise details about the period modifications or specific procedural steps, further consultation of the official law text or regulatory guidelines would be necessary.
- The new law in business policy-and-legislation has mandated that companies provide information within stipulated periods during registration and exit processes to ensure timely compliance with regulatory requirements.
- In an effort to increase the authenticity of submitted documents and reduce fraud, the new law requires notarial certification for certain company registration and exit documents, with notaries now needing to verify identities and maintain detailed journals.
- The law has also delegated or adjusted the authority responsible for company registration and exit procedures, with registers of deeds or similar officials now managing these records to facilitate more specialized handling of formalities.
