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May 2021

Model Law on the Simplified Corporation:
Status of Reforms in the Region

Model Law on the Simplified Corporation: Status of Reforms in the Region

The Department of International Law is pleased to announce publication of the Model Law on the Simplified Corporation: Status of Reforms in the Region. Part I is a compilation of reports on the status of reforms in 11 states within the region. Part II explains twelve key elements of the Model Law that comprise the essence of a simplified corporation.

The Model Law, approved by the Inter-American Juridical Committee in 2012, [CJI/RES. 188] is based largely on the successful Colombian Law, as explained in that country’s report included in Part I. Thereafter, the Model Law was noted by the General Assembly [AG/RES. 2906 (XLVII-O/17)] which instructed the Department of International Law to “disseminate the Model Law as widely as possible” invited Member States “to adopt, in accordance with their domestic laws and regulatory framework, those aspects of the Model Law that are in their interest.” This report has been prepared in furtherance of that mandate with the assistance of contributions from those Focal Points for the Model Law who have been appointed by Member States.

While many states in the Americas continue to use outdated corporate and commercial codes that hamper business start-up and entrepreneurship, this report illustrates how the Model Law is being applied throughout the region to offer a simple alternative and thereby encourage formalization, foster competitiveness, and stimulate economic development.

» Link to Report.

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