Measures Implemented to Reduce Paperwork Burden

Service Nova Scotia and Municipal Relations (to March 31, 2014)

May 30, 2008 3:45 PM

Effective Sunday, June 1, measures will be put in place to help reduce about 30,000 hours of paperwork for businesses per year.

This is a result of the proclamation of amendments to the Companies Act that were introduced in the fall 2007.

A company will be able to amalgamate, convert to an unlimited company, reduce paid up capital and alter its memorandum of association more easily and quickly as a result of some of these changes.

"We are simplifying procedures for Nova Scotia companies without losing any of the protections for creditors and minority shareholders," said Jamie Muir, Minister of Service Nova Scotia and Municipal Relations. "Changes to the act will contribute to the province's goal of reducing paperwork burden faced by businesses through the Better Regulation Initiative."

Amendments to the Companies Act followed consultation with members of the Nova Scotia Barristers' Society. The amendments simplify and modernize internal corporate transactions of companies.

"We are pleased that changes to the act are moving forward," said Darrel Pink, executive director of the Nova Scotia Barristers' Society. "It will add to Nova Scotia's position as a good place to do business."

The changes are designed help maintain Nova Scotia's advantage over other provinces, especially for companies that wish to continue using the unlimited liability status.


FOR BROADCAST USE:

     Effective Sunday (June 1st), measures will be put in place

to help reduce about 30-thousand hours of paperwork for

businesses per year.
     
     This is a result of amendments to the

Companies Act that were introduced in the fall 2007.

     Service Nova Scotia and Municipal Relations Minister Jamie

Muir says the changes will contribute to the province's goal of

reducing paperwork faced by businesses through the Better

Regulation Initiative.

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Media Contact: Donna Chislett
              Service Nova Scotia and Municipal Relations
              902-424-6336
              Cell: 902-440-5007
              E-mail: chisledp@gov.ns.ca