Companies Act 2006
Limited companies in the UK are governed by the Companies Act which has existed in various forms for over 150 years. Every so often the government updates and modernises such legislation and in the case of the Companies Act the entire act has been rewritten and is now called the Companies Act 2006.
Implementation
How does this affect one off clients registering one limited company
How this affects our Agents and regular users
How are Simple Formations preparing?
More information
Implementation
The Companies Act 2006 received royal ascent on 08 November 2006. With legislative changes of this size parliment decided the act would be phased in over time with a final full implementation on 01 October 2009.
There have been several key dates form implementation of the Act with the most notable events being -
06 April 2008 - Company Secretaries are no longer mandatory, a company can now have just one director.
01 October 2008 - All new companies must now have one natural person appointed as a director. Prior to this it was possible to have another company act as the sole corporate director but this is no longer possible. Companies in existence prior to this date have time to make the changes depending on when registered but all companies must comply by 01 October 2010.
01 October 2009 - The Companies Act is implemented in full
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How this affects business owners registering one company
The affects on someone registering a limited company for themselves are minimal as our software will be amended to collect the necessary data from you when you apply to register the company with us. As a one time user of our system you are less likely to be familiar with the old or new Companies Acts so your company will simply be registered by us as required by the legislation.
Companies registered prior to 01 October 2009 will adopt the existing Companies Act 1985 Memorandum and Articles of Association. Companies registered from 01 October 2009 onwards will adopt new articles as required by the new act. For existing companies (registered under the 1985 act), where any parts of their Articles conflict with the new act, the Companies Act 2006 legislation shall apply. It is anticipated that some companies will wish to change their documents to adopt the Companies Act 2006 articles. If you wish to update your Articles to the new act then we will be offering a service to do this once the new act is in force.
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How this affects our Agents and regular users
If you are an accountant or reseller of our company formation services we recommend you familiarise yourself with the new Companies Act 2006. There are some key differences to the data that will be required to register a new company that you will need to obtain from your client. All Companies House forms are changing including the form names.
The memorandum and articles of association will change considerably from the old act. We will supply these documents in our system as usual.
The following document details the information you need to obtain from your client in order to register a limited company from the 01 October 2009 - checklist
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How are Simple Formations preparing?
From our point of view the most important aspect is to amend our software to work with the new Companies Act. This has all been prepared and will be implemented on the 01 October 2009.
We will also be updating the content on our site once the new act is implemented as some information relating to the 1985 Act will no longer apply.
We are also constantly increasing our knowledge of the new Act and training our staff in preparation.
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More Information
Simple Formations have created a new website dedicated to the new Companies Act 2006. Please follow this link to open the site in a new browser - Companies Act 2006.
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