A series of law changes to make life easier for small businesses have passed through the House of.Companies will have more options over how they lay financial statements, as a result of the Companies Amendment (No 2) Act, which gained approval from MPs on Friday night.The legislation, put together to help those firms most severely hit by the economic crisis, had a string of further amendments including:n helping sole shareholder businesses by letting them have just one director, instead of a minimum of two;n giving firms the chance to opt out of annual general meetings;n allowing company directors to be an individual or corporation;n removing a ban on a company giving financial assistance on buying shares in the same company.Business Development Minister Wayne Furbert, who opened the debate, said such concepts have already been introduced by rival jurisdictions such as Cayman Islands and the British Virgin Islands.Mr Furbert told the House: “The purpose of the bill is to amend the Companies Act to assist further in unlocking the entrepreneurial zeal which rests at the very core of the Bermudian success story and shall be the engine which propels her exciting future.“The proposed changes to the Companies Act cover a wide range of amendments in response to changing economic conditions. It is recommended that conditions resulting from the recent economic crisis present an opportune time to remove proven inefficiency, unnecessary formality and any competitive disadvantage which may be inadvertently supported through the Companies Act.”Failure to make the changes, said Mr Furbert, would hinder his Ministry’s efforts on job creation, GDP growth, brand reinvigoration, economic diversification and industry sustainability.Shadow Business Development Minister Shawn Crockwell applauded the amendments but said it appeared Bermuda is playing catch-up on some similar sized countries.Paget East MP Grant Gibbons suggested amendments to the Companies Act should be brought forward more frequently.Mr Furbert responded to Dr Gibbons: “We are moving ahead and we are going to take this to a new level. I hope he can keep up with us.”