In late April, the Ministry for Law and Human Rights issued new regulations relating to limited liability companies (the Regulations).* The Regulations revoke the previous regulations on the topic.**
The Regulations require all applications for the creation, change and dissolution of a limited liability company to be submitted, with all accompanying documents, through the Legal Entity Administration System, administered by the Ministry for Law and Human Rights.
The Regulations introduce a number of administrative changes to increase the ease and efficiency of creating, changing and dissolving a limited liability company with many procedures to be carried out online. The Regulations have simplified the creation of a limited liability company by allowing its creation via a notary. Furthermore, the Regulations have abolished the 60 day time limit for establishing a limited liability company from the date of the deed of establishment.
The Regulations came into force on 30 April 2021.
* Regulation of the Minister of Law and Human Rights Number 21 of 2021 concerning Terms and Procedures for Registration of Establishment, Amendment, and Dissolution of a Limited Company Legal Entity.
** Regulation 14 of 2020 concerning the Second Amendment to the Regulation of the Minister of Law and Human Rights Number 4 of 2014 concerning Procedures for Submitting Applications for Legal Entities and Approval of Budget Changes Basis and Submission of Notification of Amendment to Articles of Association and Change of Limited Company Data.
