Staff Reporter
NAMIBIA’S corporate laws are outdated and therefore hinder the ease of doing business in the country, which is why the Ministry of Industrialisation and Trade is prioritising the modernisation of some of the country’s business laws.
This was highlighted by the Minister of Industrialisation and Trade, Lucia Iipumbu, during the inauguration ceremony of the International Roundtable on Namibian Corporate Law Reform. The roundtable, which was hosted by the board and management of the Business and Intellectual Property Authority (BIPA), was held under the theme “Namibian Corporate Laws for a Competitive, Trend-setting and Prosperous Economy”.
According to Iipumbu, reforming the country’s corporate laws remains a key priority for the government, which is why the roundtable is so significant. She said that it aims to alter the business and economic landscape in the country by simplifying and modernising outdated business laws. She added that the legislative review project also aims to improve the ease of doing business in the country and to promote the digitalisation of the business registration process.
Iipumbu revealed that the Ministry of Trade and Industrialisation, with the assistance of other stakeholders and partners, have already conducted various assessments on the Namibian economy for the past three to four years. During that period, she added, the ministry also engaged the business fraternity. She explained that these efforts have led to the realisation that the country’s business and investment sector requires a push in the right direction to yield the required results for prosperous economic growth.
“However, this will not be possible if we do not get the fundamental basics correct. These basics include primarily the construction of a robust legal and regulatory framework that allows for guidelines on the conduct of business in Namibia,” she said.
Iipumbu recalled that the country has generally not performed well on the Ease of Doing Business Index over the years due to a number of challenges. One of these challenges is the fact that it takes between seven and 14 days to register a business with BIPA in the country, while other country’s have managed to reduce this to less than 24 hours.
Reducing the number of days for business registration is therefore a crucial step towards enhancing the country’s business landscape, and according to Iipumbu, it might be a reality soon.
“Reducing the number of days is most certainly a near future reality, but we must first ensure that all the hindrances are addressed. Some of the hindrances for the realisation of that potential include the apparent ‘bureaucratic red tape,’ ‘unfavourable regulatory framework for doing business,’ archaic business law concepts and processes, corruption and its related vices,” she said.
