Company registration changes
As of January next year, the official registration period for start-up companies will be considerably shorter, an amendment to the Companies Act stipulates. New enterprises not qualified as legal entities will have 15 working days at their disposal instead of the present 30 calendar days to submit company papers with the Court of Registry for the first time, while legal entities will be able to do likewise in 30 working days as against the current 60 calendar days. From 2005, the registry authority will also take less time to log any reported company changes and will have power to impose fines 20 times higher or up to Ft 10 million. (Vg 5) S.F.
