The aim of the Family Business Act is to assist family businesses when transferring their family business from one generation to the next. It tackles:
- The definition and understanding of family and who is to be considered as an eligible family member for the purposes of the Family Business Act.
- The understanding of what constitutes a family business in terms of size of the business, ownership, control, decision making and voting rights and governance and management structures.
- The difficulties family businesses face in terms of succession and family governance.
- Lastly, the legislation invites family business to register by aiming to offer key incentives and assistance.
The Family Business Act aims at taking one step further by taking these principles and policy measures and giving them legal backbone by providing tangible help and a method to allow for such regulation by legislating and providing an administrative backdrop for the sectors creation and development.
Dr. Nadine Lia
Family Business Office within the Ministry for the Economy, Investment and Small Business.
The aim of the Family Business Act is to assist family businesses when transferring their family business from one generation to the next.