What are the requirements for incorporation of a company? Do we still need to hire experts to draft the Memorandum and Articles of Association?

A company is incorporated by the lodging of a Notice of Incorporation and adoption of a Memorandum of Incorporation (MOI), a document which replaces the Memorandum and Articles of Association, which is the sole governing document of the company. The Act imposes certain specific requirements on the content of a Memorandum of Incorporation, as necessary to protect the interests of shareholders in the company, and provides a number of default rules, which companies may accept or alter as they wish to meet their needs and serve their interests. The new Companies act has model Memorandum of Incorporations as attachments to be adopted by incorporators, depending on whether the company is a Non – Profit or a Profit Company requiring registration.

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