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These are exciting times for Dubai and the UAE. With the entire business world’s attention soon to turn to the Emirates with the delayed Expo 2020 kicking off in October (and continuing all the way through to the end of March next year) it’s never been a better time to be a UAE business owner
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As more economies around the world open up and companies bring employees back to the office, global expansion plans that may have been put on hold last year are now taking shape. It can be challenging to know where to start, but here are some key factors to consider when expanding your operations into new countries.
Implementation of Small Business, Enterprise & Employment Act 2015
The Small Business, Enterprise & Employment Act 2015, which was passed in March 2015, introduces changes to the Companies Act which will affect ongoing requirements for all UK Companies. Companies House recently announced that the implementation timetable for parts 7 and 8 of the Act (relating to the Companies Act) has been delayed.
The new key dates are below:
- Issue of Bearer shares abolished, existing shares to be converted by February 2016.
- Directors’ duties extended to shadow Directors.
- Directors no longer required to file a ‘Consent to Act’.
- Less personal information required.
- Companies House will write to all newly appointed Directors to explain their duties and make them aware that their appointment has been filed on the public register.
- Changes to registration and dissolution process.
- New processes to remove falsely appointed Directors and remedy Registered Office addresses used by Companies without authorisation.
- Every Company will need to maintain a register of people with significant control (those owning more than 25% whether directly or indirectly or those otherwise ‘exerting significant influence’ over the business).
This information will need to be filed at Companies House from 30 June 2016.
- Annual Return filings will be replaced by an annual ‘Confirmation Statement’ and the filing period will be halved.
- The option to maintain some statutory registers solely on the central register at Companies House will be introduced.
- The Secretary of State will have the power to disqualify UK Directors based on an offence committed overseas.
- Changes to Statement of Capital introduced.
- Directors that are not a ‘natural person’ will be prohibited under most circumstances.
Neglecting filing requirements is likely to lead to company strike off and director disqualification. In some circumstances, failure to comply with statutory requirements may also result in criminal sanctions being imposed on companies and their directors.
Content supplied by Fitzgerald and Law