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Armenian Commercial Organizations Granted A Right To Determine Their

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  • Armenian Commercial Organizations Granted A Right To Determine Their

    ARMENIAN COMMERCIAL ORGANIZATIONS GRANTED A RIGHT TO DETERMINE THEIR AUTHORIZED CAPITAL

    ArmInfo
    2008-12-26 12:18:00

    ArmInfo. Armenian Parliament adopted a Bill 'On Amendments to the Civil
    Code' in the first reading, Friday. In addition, parliamentarians
    made alterations and amendments to the laws 'On State Registration
    of Legal Entities', 'On Joint Stock Companies', 'On Limited Liability
    Companies'.

    Deputy Minister of Justice Gagik Malkhasyan said the package
    of bills that has been submitted by the Government aims to boost
    ntrepreneurship. At present, the minimal size of authorized capital
    for LLCs is 50,000 drams, for CJSCs - 100,000 drams and for OJSCs -
    1 million drams. The government proposes exempted these companies of
    compulsory standards of authorized and allowing them to determine
    their authorized capitals. The bill liquidates another provision
    pursuant to which the whole authorized capital is to be invested in
    these companies. In addition, the present law stipulates that the
    state register audits the documents of an enterprise to reveal the
    compliance of the regulations of commercial organizations to the
    effective legislation. This provision is liquidated as well. An
    organization from now and on will be reorganized in a facilitated
    regime. Liquidation of an organization requires just a reference on
    social and tax payments.

    Registration of liquidated organizations takes a day. The provision
    on compulsory seals on documents is liquidated as well.

    From: Emil Lazarian | Ararat NewsPress
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