Amendments to the Companies Act

Nova Scotia companies will soon see a reduction of about 30,000 hours of paperwork every year and simplified procedures for doing business.

Minister of Service Nova Scotia and Municipal Relations Jamie Muir introduced amendments to the Companies Act, today, April 12, that will improve how companies are registered in Nova Scotia.

"These amendments will not only reduce paperwork for businesses, they will also help us retain Nova Scotia's advantage as a province of choice for unlimited liability companies," said Mr. Muir. "We will be able to remain competitive with Alberta and British Columbia, the only other provinces that allow unlimited liability companies."

The amendments were developed as a result of a multi-year consultations with corporate law specialists and department officials. Changes include a simpler process for companies that are amalgamating, changing to an unlimited company or changing share structure.

The changes will allow companies to better carry out reasonable business decisions with simpler and less expensive procedures, while continuing to protect creditors and minority stakeholders.