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Senate Debates International Business Company Act

Senators also debated the bill to repeal, replace and consolidate the International Business Company Act. The bill seeks to establish and facilitate a modernized framework for the registration, operation and regulation of companies. Supporting the bill this morning was Senator for the Private Sector, Kevin Herrera. 

Kevin Herrera, Senator for Private Sector: “I think it’s an important step in modernizing the Companies Act, which it will become after it’s signed into law. This has been a long process, Madam President. I think that the business community was very much involved in the discussions and in the consultations that took place along with Government over the years and so we basically don’t have any issues with the Bill, in fact, we fully support it and some of the things that we like in the Bill that certainly improves on what was there before, and I’ll just be very brief with this as I said before, is it provides for a listing of companies and stock exchanges and as you know, this is important to raise capital whether through equity or debt. It certainly gives us another avenue or will give us another avenue  within the country by which countries or individuals can raise capital with respect to companies. Another position, Madam President, is the requirement for, that there will be no requirement for private trust companies. I think that is extremely important with respect to following examples in best practice jurisdictions. It removes the statutory limits regarding a limited number of shareholders. This change aligns, again with best practices in other jurisdictions.”