Small Business Enterprise and Employment Act changes that affect Companies
12 August 2015
The Small Business Enterprise and Employment Act contains several new measures which represent significant changes for UK companies. Brief details of each are listed below and more detailed articles will follow in the next few weeks:
26 May 2015
Bearer (nominee) shares were abolished. Any existing shares held in this format will need to be surrendered within 9 months.
Partial suppression of the dates of birth for officers published on the public register – basically the removal of the day of birth.
The time taken to strike a company off the public register will be reduced.
Directors and Secretaries will no longer have to “consent to act” when appointed, a statement will be added stating that they have given their consent to act. This has removed the requirement for a signature and the 3 forms of ID.
It will become easier to remove falsely appointed Director’s details from the register.
A new process to ensure the removal of the use of an unapproved registered office address.
Companies will need to keep a register of people with significant control (PSC Register) ready to file this information at Companies House from April 2016. Significant control is anyone that has a 25% interest or greater.
“Check and confirm statement” replaces the annual return. This process will still need to be completed at least once every 12 months.
PSC register will need to be filed with Companies House. Information maintained at Companies House and confirmed via the “check and confirm” process.
Private companies can opt to keep certain information on the public register only removing the requirement to hold statutory registers.
Disqualified directors regime will be updated and strengthened.
Simplification of the statement of capital.
Corporate directors will not be allowed to be appointed with some limited exceptions. Those companies with an existing corporate director will need to take action.
If you are concerned regarding any of the upcoming changes from the Small Business Enterprise and Employment Act please do not hesitate to contact us as email@example.com.