Changes to Companies Act
The ‘Small Business, Enterprise and Employment Bill’ is progressing through Parliament. Aside from topics ranging from zero hours contracts to public houses code via childcare and schools, some changes to the Companies Act 2006 are proposed.
Part 7 proposes:
- All UK companies (unless a DTR 5 issuer or as specified by the Secretary of State) will be required to keep a register of persons (‘PSC register’) who have a significant control over the company (more than 25% or has right to appoint/remove directors) (s70 & Schedule 3)
- All company directors will need to be natural persons i.e. no corporate directors (s76)
- A change to the definition of ‘shadow director’ (s79)
As mentioned above the Bill is going through the parliamentary process with the Government expecting it to become law by May of next year (the general election being timetabled for 7 May 2015).