One of the primary purposes for this legislation is to level the playing field for small businesses by encouraging and helping them to grow, compete and innovate.However, the act will also focus on a range of other measures that will come into force in various stages over the next year, from May 2015 onwards.
Some of the changes that will be implemented with this new act will include:
- As of 26th May 2015, the prohibition of bearer shares (with a nine month transitional period for existing bearer shares)
- The general duties of directors as set out in the Companies Act 2006, from May 2015, will apply to shadow directors “where and to the extent they are capable of applying”
- Prohibition of corporate directors, with exceptions, as of October 2015 (with a twelve month transitional period for existing corporate directors)
- As of January 2016, unquoted companies are to keep a public register of people with significant control
- Private companies will be able to keep their statutory registers at the Companies House from April 2016
- Annual check-and-confirm “confirmation statements” will replace annual returns in April 2016
The Act also contains measures to simplify insolvency law, and prevent exclusivity clauses in zero hour countries which will stop individuals from working for another employer.
If you would like any advice on corporate law matters please email info@ha-law.co.uk or telephone 020 7788 7465 to speak to a HA Law Partner.
