The Small Business Enterprise and Employment Act 2015 received Royal Assent earlier this year.
The changes to be introduced by this legislation will have a profound effect on the way information is filed at Companies House and whilst there will be no changes until October 2015 (apart from the abolition of bearer shares which has already happened), we do need to be aware of what is going to happen and to plan for it.
Two of the biggest changes are the introduction of the Register of PSC’s (People with Significant Control) and the replacement of the current format annual return with a confirmation statement.
BIS are currently consulting on the PSC Register. Follow the link below for more details on both the new regime and the consultation process. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/436488/bis-15-315-register-of-people-with-significant-control-consultation.pdf
The Government’s aim is to make company ownership more transparent. Initially, there will be teething problems, but once we get past the first year things should be much easier.
The SBEE Act also introduces legislation to prohibit companies from being directors of companies (ultimately this may also extend to LLPs, but there is no further information available on that at the moment).
The intention had been for this to become law on 1 October 2015, but this has now been put back to April 2016 (probably). There will be some exceptions to this prohibition, which have not yet been published.
The striking off process is going to be sped up considerably, both on application (form DS01) – which will be very welcome – and for failure to file accounts or annual returns.
The time period from service of a Def 3 (final warning letter) to the service of Def 6 (publication of impending strike off in the Gazette) will be reduced from 28 days to 14 days and the time period from service of Def 6 to actual strike off will be reduced from 3 months to 2 months. It is anticipated that these changes will be introduced in October 2015.
A lot of the details relating to the changes announced/proposed are still hazy. If you have any questions, please contact ABG’s Statutory Manager, Su Smith on 020 7330 0000.
Su Smith – Statutory Manager – firstname.lastname@example.org
*This blog post is intended for general information only and we strongly recommend that you seek professional advice before acting/not acting on anything contained in this article.