The major changes compared to the previous Procedures are summarized as follows:
- The competent departments of the General Commercial Registry are set as “One Stop Authority” for the establishment of Corporations (S.A. companies) and Limited Liability Companies when established by a private document and not by a notary deed.
- The Articles of Association of Corporations (S.A. companies) and Limited Liability Companies can be private document, provided that they comply fully and without deviation from the sample Articles of Association, which will be set out in a decision of the Minister of Finance, Development & Tourism.
- The Ministerial Decision currently providing a sample Articles of Association for all companies is abolished and a new Ministerial Decision as above mentioned will be issued within one month from the publication of the enactment of the law.
- A E-One Stop Authority will be established, which will carry out electronically the establishment of companies which will be established through a private deed.
- The draft law further provides for a variety of amendments relating to the operation and competences of the One Stop Authorities as well as to the establishment expenses.