The new rules also mean less hassle with know-your-customer (KYC) checks and fewer documents needed overall.
Nonprofits (Section 8 companies) could get more flexibility too: they may be allowed to switch from "limited by guarantee" to "limited by shares," making it simpler for them to raise funds without losing their nonprofit status.
The Ministry wants feedback on these changes by May 9, so there's still time for your voice to count.