This is according to attorney and Founder of the Legal Affair, Nonhlanhla Mtshali, who tells OFM's Business Hour that while the bill is still in the introductory phase and is yet to reach the National Assembly for consideration, she lauds it as an important piece of legislation. 

She explains how the legislation, introduced by the Democratic Alliance, aims to reduce the red tape that hamstrings the country's struggling economy.

“For the first time in a long time, we’re proposing pieces of legislation to allow entrepreneurs to manoeuvre better in terms of creating businesses,” says Mtshali. Furthermore, she believes that the bill will assist in helping people understand the nuances of varying industries.

Financial experts have in recent months expressed their discontent at what they deem to be the stifling compliance requirements and regulations in the country that are holding businesses and the country’s economic back.

It appears that the bill, reportedly proposed by the Democratic Alliance, could be the silver lining behind the dark cloud that is South Africa’s current economic landscape.

Mtshali explains that the bill holistically looks at regulations that have already been passed and looks to see if there are exceptions to it. The bill also brings into existence an administrative unit that will assist in that regard.

Whilst the bill is being deemed as a step in the right direction from an investment perspective it is still in its teething stages, and only time will tell when will it be passed and signed into law by President Cyril Ramaphosa.

OFM News