New legal requirements for companies
All companies will be affected by the Small Business, Enterprise and Employment Bill that is currently going through Parliament. Companies will be affected by the changes as the measures impact on legal requirements, including filing at Companies House. This may, in due course, have an impact on the additional information required for HMRC.
It is expected that changes will be implemented in three stages, full implementation will occur around 18 months from the date of Royal Assent.
As a brief summary:-
Two months after Royal Assent
- Bearer shares will be abolished.
- A ban on appointing corporate directors will be introduced (with some limited exceptions). Any company with an existing corporate director will need to take action either to explain it meets the conditions for exception arrange for the directorship to cease.
- The dates of birth of directors and people with significant control will no longer to appear on the register.
- The time it takes to strike companies off the register will be reduced.
- Companies will need to keep a register of people with significant control, in preparation for the need to file this information at Companies House from April 2016.
- There will be a new requirement (replacing the annual return) to ‘check and confirm’ the company’s information and notify changes as necessary, at least once every 12 months.
- Companies will need to keep a register of ‘People with significant control’. This information has to be filed at Companies House on incorporation and updated at ‘check and confirm’, as above.
- Private companies will be able to opt to keep certain information on the public register only, instead of maintaining statutory registers, including the registers of members, directors, secretaries, directors’ residential addresses and the register of people with significant control.
- The disqualified directors’ regime will be updated and strengthened.
- The statement of capital will be simplified.
Date: 10th April, 2015
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