Parliament authorises the Mozambique government to review Commercial Code

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Parliament authorises the Mozambique government to review Commercial Code

7:58 CAT | 14 Nov 2017

RM (File photo)

Mozambique’s Parliament of Mozambique on Thursday granted a legislative authorisation to the government to review the Commercial Code, reported the Mozambican press, adding that the review is intended to improve the business environment in the country.

One of the points that will change in the current Commercial Code is the requirement for in-person notarial recognition of signatures for company contracts.

The chairman of the Committee on Constitutional Affairs, Human Rights and Legality, Edson Macuacua, said the review will improve Mozambique’s international competitiveness indicators, including in the World Bank’s “Doing Business”, report, in which Mozambique was in 138th place out of 190 economies.

The Minister for Industry and Trade, Max Tonela, said that the review is intended to simplify procedures and eliminate barriers to the entry of new operators into the market, thus creating conditions to attract new investments.

“The commercial code has an impact on the business environment and the economy, hence the need to impose greater speed and simplification of procedures on the process of setting up commercial companies, by eliminating barriers,” said Tonela, speaking at the presentation of the draft law on the matter.

The Minister noted it was necessary to build a legal and commercial climate to attract traders from the informal sector to the formal economy, as well as domestic and foreign investors, by reducing bureaucracy, increasing flexibility and simplification of procedures and requirements without affecting legal security.

Source: Macauhub