On 23rd October, The Lawyer published an article from Carey Olsen about the recently
introduced the Micro Business Companies Act (MBC Act) – bespoke and innovative legislation designed towards developing and supporting the ever-burgeoning micro/small business market – and typically characterised as being smaller style unsophisticated, non-financial sector corporate entities or structures usually having one owner and perhaps a handful of employees. The MBC are generally given a broad remit in terms of capacity and powers to carry on their business activities subject to certain restrictions. It is permitted to issue no more than 6 shares in total consisting of 1 “principal” share and a maximum of 5 “investor” or “participant” shares. Turnover should not exceed $2 million, and the gross value not exceed $2 million.