Offshore company law to allow single shareholders

The Law No. 85 dated October 10, 2018 has reduced the minimum requirement to establish an offshore company to a single shareholder. The law used to require at least three shareholders.

The new law, which amends a legislative decree issued in 1983, stipulates that sole shareholders could be natural persons or legal entities. They could be foreign nationals and don’t need work permits.

The single shareholder is entrusted with all the powers that belong to the board of directors and the general assemblies of shareholders. He is entitled to sign individually on all the decisions made in this regard. The single shareholder is allowed to manage the company by himself or to appoint one or more directors to this end.