Mozambique: Amendments to the commercial code

Author: LEX Africa
Date: 2018-05-30
Link: http://www.lexafrica.com/mozambique-amendments-commercial-code

With the publication of Decree-Law no. 1/2018, of May 4, some articles of the Commercial Code, passed by Decree-Law no. 2/2005, of December 27 and as amended by Decree-Law no. 2 /2009 of April 24, which aims to reduce bureaucracy and simplify the process of setting up or incorporation of companies, as well as operations thereof, mainly in aspects that follows:

The amendments to the Commercial Code is aimed to eliminate some formalities that hindered the speed of the incorporation process as well as the decision making by the corporate bodies. On the other hand, there were included amendments aimed at identifying and regulate certain special rights of minority shareholders, as well as to broaden the general powers of the General Meeting. The right of information to shareholders or members also received special attention from the law maker, and there were set out some restrictions on the provision of information concerning the management of the company.