The newly appointed Minster of Investment, Trade and Industry Bogolo Kenewendo have hit the ground running at her new home.
On Monday, Kenewendo presented the much awaited Companies Re-registration Bill aimed at meeting the much touted global “ease of doing of doing business” mantra.
While the international community has been praised for the ease way of doing business in their respective countries, Botswana has been piled with blame for the many obstacles around setting and conducting business for both the prospective local and foreign investors, let alone the re-registration process.
Signs are that foreign investors have been relocating to other business-friendly countries such as Rwanda.
Kenewendo says following the approval of the recommendations or guiding principles for the Doing Business Reform Roadmap in December 2012, implementation of the Roadmap commenced.
Among the approved recommendations was the development of an Online Business Registration System.
“The aim of introducing the OBRS is to improve the overall efficiency in business registration,” she added.
As part of preparatory arrangements, this new piece of legislation is deemed necessary to introduce for the easy facilitation of the re-registration of existing companies.
“The Companies Re-registration Bill would allow for existing companies to migrate accurate and reliable data to a new online system through a seamless and conjoined process,” the youthful Minister said.
Against this backdrop, the Bill will amongst others facilitate the development of OBRS as part of the legal reforms envisaged under the Doing Business Roadmap.
The object of the Bill therefore will be to enact the Companies Re-registration Act to provide for the re-registration of existing companies under the Companies Act.
Amongst other things, the new law makes provision for consequences of non-registration as well as provision for existing companies that have not applied for re-registration to be restored to the register of companies and procedure to be followed for such process.