Recently, the Senate passed the Companies and Allied Matters Act 2004 (Repeal & Re-enactment) Bill 2018.
The Bill proposes to make significant amendments to the Act and they include:
• Provision for single membership and directorship for small companies etc., thus making it possible for one person to form and run a company.
• Electronic mode of registering businesses.
• Reduction in the timeline of registration of a company limited by guarantee (GTE), as the Attorney General of the Federation consent is no longer required.
• Permission of electronic transfer of shares.
• The creation of a new legal entity – Limited Liability Partnership (LLP).
• Exemption of small companies from appointing auditors and company secretaries.