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Saudi Arabia: Bankruptcy Bill Expected to Be Implemented in 2018

(Nov. 2, 2017) On September 21, 2017, the Saudi Minister of Commerce and Investment, Majid al-Qasabi, announced that the Ministry had referred to the Shura Council (a 150-member legislative advisory body to the King that proposes new legislation and amends existing laws) a bill governing the bankruptcy of corporations. The bill is expected to be […]

Jamaica: Amended Companies Law Requires Transparency

(May 30, 2017) On May 17, 2017, the Jamaican House of Representatives reportedly passed the Companies (Amendment) Act, 2017. (An Act to Amend the Companies Law (Amendment Act), 2017, Jamaica House of Parliament website; Companies Act, Act 10 of 2004 (the Act), Organization of American States website; see also Increased Transparency Provisions in Amended Companies […]

Armenia: Relocation of Legal Entities Introduced

(Feb. 2, 2017) On December 17, 2016, legislative amendments on re-domiciliation of foreign companies to Armenia came into effect. (Law No. 207-N of Nov. 17, 2016, OFFICIAL GAZETTE, No. 88 (Dec. 7, 2016), Armenian Legal Information System (ARLIS) database (in Armenian).) The amendments affected both the Civil Code and the Law on Registration of Legal […]

Israel: Representation of Haredi and New Immigrants in Public Service and on Boards of Directors of Government Companies

(Dec. 21, 2016) On December 12, 2016, the Knesset (Israel’s parliament) passed the Law for Proper Representation of Members of the Haredi Population and of New Immigrants in Public Service (Amendments), 5777-2016.  (Proper Representation Law, Knesset website (scroll down to issue no. 634) (in Hebrew).) The Proper Representation Law amends the State Service (Appointments) Law, […]

Indonesia: Updated Rules for Ride-Sharing Businesses

(Sept. 7, 2016) Indonesia has decided to permit car-hailing businesses that operate through online applications to work in the country, resolving a previous dispute over the business model of the services. The new rules will allow Uber, Grabcar, and Go-Car drivers to be in business once they join a cooperative. (Uber, Grabcar Hit the Road […]

Indonesia: Capital Requirement for Starting a Business Reduced

(Apr. 8, 2016) On March 21, 2016, Indonesia’s President, Joko Widodo, signed into effect a regulation changing the requirement for starting a business in the country. The previous requirement that any new limited liability company have initial capital of at least RP50 million (about US$3,780), with at least 25% of that already in hand, has […]

Vietnam: Reduction in State Holdings of Businesses Being Considered

(Mar. 22, 2016) Vietnam’s Ministry of Planning and Investment (MPI) is considering issuing a decision that would change the status of some state-owned enterprises (SOEs) and open some industrial sectors to more non-state investment. The decision would divide SOEs into three categories: those that are wholly state-owned, those with at least 65% state holdings, and […]

Ukraine: New Law on TV Ownership

(Oct. 7, 2015) On September 3, 2015, the Verkhovna Rada (legislature) of Ukraine passed a Law that introduces detailed definitions of ownership and interest in television and other broadcast companies, provides for new rules on television station ownership, and establishes new financial disclosure requirements for owners. (Law No. 674-VIII on Amending the Legislative Acts of […]

Ireland: New Companies Act Takes Effect

(June 19, 2015) On June 1, 2015, the Companies Act 2014 took effect in Ireland. (Companies Act 2014, No. 38/2014, IRISH STATUTE BOOK.) This is the largest piece of legislation ever enacted in Ireland, comprising a total of 25 Parts (1448 sections) and 17 Schedules. The Act consolidates 16 existing Companies Acts – dating from […]

OHADA: Revised Uniform Act on Companies

(Mar. 14, 2014) The Council of Ministers of the Organization for Business Law Harmonization in Africa (Organisation pour l’Harmonisation en Afrique du Droit des Affaires, OHADA) adopted a “significantly revised” Uniform Act on Commercial Companies and Economic Interest Groups on January 30, 2014; the original Act was adopted on April 17, 1997. The new Act […]