Small Business, Enterprise and Employment Act 2015: All Companies Impacted
The SBEEA is a significant piece of legislation introducing the most wide-ranging changes to company law since the introduction of the Companies Act 2006. Despite its title, SBEEA fundamentally alters legal requirements for companies of all sizes (such as, Companies House filings); all companies will be affected by at least some of the SBEEA changes. SBEEA will impact companies’ systems and processes so early preparation is advisable.
The drivers behind SBEEA are to:
- reduce red tape whilst increasing the quality of information on the public register; and
- enhance transparency and ensure the UK is seen as a trusted and fair place to do business.
SBEEA is being implemented in stages, being October 2015, January 2016 and April 2016.
Of particular significance is the requirement for companies (other than companies that report under Disclosure and Transparency Rule 5) to establish a register of people with significant control. The ban on corporate directors, subject to exceptions, will also affect many companies.
For more detail, please see our update The Small Business, Enterprise and Employment Act is Here – What Does it Mean for Your Business?
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