Businesses will benefit from scrapping a rule forcing them to hold annual general meetings, Senators agreed as they passed legislation designed to help entrepreneurs.Government Senator Vince Ingham said the move, as part of the Companies Amendment (No 2) Act, would create a more efficient process for companies on the Island, particularly those with only one shareholder or director.Another aspect of the bill allows small businesses to operate with just one director, while companies will have more options over how they lay financial statements.One Bermuda Alliance Senator Michael Fahy said the business community had been lobbying for such amendments for a long time, and that the legislation was merely helping the Island catch up with many rival jurisdictions.But Sen Fahy said he could see how the changes would benefit those working in the industry, such as himself.Independent Senator Walwyn Hughes noted the amendments had been made in an effort to help people during the economic crisis, showing how “bad times produce good things”.