An international roundtable on the Namibian Corporate Law Reform to review outdated business laws and improve the ease of doing business in Namibia, commenced here on Monday.

The meeting, hosted by the Business and Intellectual Property Authority (BIPA) in conjunction with the Ministry of Industrialisation and Trade is aimed at further simplifying and promoting the digitalisation of the business registration process. It is also aimed at encouraging investments and innovation through an effective and predictable regulatory business environment.

Officiating at the event, Minister of Industrialisation and Trade Lucia Iipumbu said Namibia is not performing well in terms of doing business due to countless challenges faced, such as the duration it takes to start a business.

“Compared to countries such as South Africa, Botswana and Rwanda, to register a business with BIPA takes between seven and 14 days, while these countries have managed to reduce this process to less than 24 hours,” she said.

The amendment of the laws will therefore look at the simplification of the business registration process and the flexibility of laws for the electronic filling of applications and other documents required to be lodged with the Registrar, the minister explained.

She further noted that the apparent bureaucratic red tape, the unfavourable regulatory framework for doing business, archaic business law concepts, corruption and its related vices also hinder the business landscape in Namibia.

Iipumbu went on to say that the review will lead to the development of the Corporate Laws Bill and Regulations, which will replace the current Companies Act, 2004 and the Close Corporations Act, 1988.

The meeting is being hosted under the theme, ‘Namibia Corporate Laws for a Competitive, Trend-setting and Prosperous Economy’ and it is being attended by local and international experts and stakeholders in corporate law.

Source: The Namibian Press Agency