The final bill of the amended commercial code has been presented to stakeholders and is expected to be approved by Parliament this year.
The amended half-century-old bill was presented to business people at a two-day meeting organised by the Ethiopian Chamber of Commerce & Sectoral Associations at Elily Hotel, off Guinea Conakry Street.
The commercial code has been in preparation for years. It was two years ago where the first draft was completed. Close to two dozen experts from various institutions, including the Ministry of Trade (MoT) and the then Ministry of Justice (MoJ), have participated.
“The commercial code has not been renewed in line with the existing current reality and, as a result, it might open ways for ill-functions,” said Attorney General Getachew Ambaye.
The new code has come with a number of amendments from the old one, including the concept of a one-man company as a private limited company (Plc). The existing code required two or more people to establish a Plc.
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