On the 12th April 2018, the National Assembly passed the Registration of Business Names Re-Registration Act No.26 of 2018 (“the Act”). The Act is meant to ensure an effective way of doing business by enabling already registered businesses and companies to re-register business names online. The Act is still on notice.
In terms of the Act, firms, body corporates or individuals with existing business names will be given a grace period of twelve (12) months after the commencement of the Act to apply for re-registration. The purpose of re-registration is to enable migration of accurate and reliable data to an online system.
Re-registration of business names will commence on the 3rd June 2019 via Companies and Intellectual Property Authority (CIPA)’s Online Business Registration System (OBRS).
Please note:
- re-registration of a business name will not create a new legal entity;
- the existing rights or obligations of the body corporate, individual or firm will not be affected;
- re-registration will not affect proceedings against the body corporate, individual or firm that had commenced before re-registration;
- if an application for re-registration is not made within the transition period, the existing business name will be deemed to be de-registered and will be removed from the register; and
- a de-registered body corporate, individual or firm will need to apply to the Registrar in terms of Section 17 of the Registration of Business Names Act No. 25 of 2018 to be restored.
The migration from the manual to online system of registration is a much anticipated change that is expected to boost investor confidence and ensure maintenance with international best practice.
For more information contact Tebogo Mapitse on 391 2397 or email tebogo@bookbinderlaw.co.bw.