Businesses in Ethiopia will no longer be required to present minimum capital statements in order to be registered, if a proclamation to amend the Commercial Registration and Business Licensing Proclamation is approved by the federal legislature, House of Peoples Representative (HPR).

The draft proclamation is second of its kind following the amendment of the 1960 Commercial Code was amended half a decade ago.

In addition to this the draft document is said to have extended the 4 months business renewal window to 6 months. This means the business renewal window will be from July to December without the businesses being closed or restricted from being entitled to benefits.

According to Fortune, when the draft bill was submitted to HPR today the House Speaker urged for finalization of the recommendations and brought to vote within 2 days.

Source: Fortune