Revised Commercial Code to tighten conditions for company registration

AS OF JANUARY next year, companies may no longer be able to register their headquarters at the address of a property they do not own or that they have no right to use, according to a draft revision of the Commercial Code drawn up by the Justice Ministry.

According to the ministry, companies often register their headquarters at addresses owned by other entities, such as lawyers or shell firms designed to conceal their operations, sometimes even without the knowledge of the owner of the property.

The revision says that corporate entities or private individuals must own the real estate where their firm resides, or have the right to use the real estate or part of it as based on legal contracts.

The revision would allow the courts to shut down companies that violated the new rules.

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