The Small Business, Enterprise and Employment Act has recently received Royal Assent and will be brought into force by the end of May.
The act aims to reduce red tape and increase the quality of information firms place on the public register, in the hope of increasing transparency at the top of British business.
All companies will be affected in some way, as the measures change legal requirements on companies, including what they file with Companies House.
Changes will include the partial suppression of date of birth on the public register, as well as an acceleration in the time it takes to strike a company off the register if it’s not carrying on business or its operation has been reduced.
A new process will also be launched in April to help when a company is using an address for its registered office without authorisation. Companies will also be required to keep a register of people with significant control over the company, such as major share holders.
Further changes brought in be the Act’s approval will be brought in as the year progresses and more details can be found here.
