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Companies Act comes into full force

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The biggest overhaul of company law was launched in October this year when the final elements of the Companies Act 2006 were brought into force.

The new Department of Business, Innovation and Skills (BIS) has written to all companies registered in the UK, reminding them of the changes coming into place at the start of October this year. More than 2.5m companies are expected to benefit from the changes, aimed at simplifying and strengthening business procedures.

Some of the key changes highlighted are:

Service and Residential address:

From October 1st every director should have provided Companies House with their residential address and a service address for each directorship held.

The service address is the only one that is publicly available, with the residential address disclosed to public authorities and credit reference agencies.

Company Registers:

Company registers will have to be held at the registered office address. Alternatively, a Single Alternative Inspection Location (SAIL) may be set up after notifying Companies House. Businesses may only hold one SAIL at a time but not all registers need to be registered to that SAIL.

Article Changes:

Businesses must send any amendments to their articles back to Companies House within 15 days; otherwise owners could be liable to a criminal offence and civil penalty of £200 for failing to comply in response to a notice from the registrar.

“We are working hard to create the best environment for businesses to thrive and it is paying off, with the UK recognised by the World Bank as the best place in Europe to do business,” said Business Minister Ian Lucas.

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Written by Andrew Hodges

December 4, 2009 at 10:32 pm

Posted in Comment, LinkedIn

Tagged with , , ,

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