Companies Act amendments to come into force

Date: 8th September 2009

A reminder of the various reforms that are to come with the application of the new Companies Act has been set out in a new report.

Bytestart said that limited companies would be affected by some of the changes, including those related to company accounts.

For example, the naming rules for firms are to be tightened and companies which are applying to be incorporated as "limited by shares" must now fill out a Statement of Capital.

Rules have been relaxed on other matters, with limits on the number of shares that can be issued for a company by its director no longer in force.

The introduction of the IN01 form for forming a company could also make the process "become similar", Bytestart stated.

"Most of these latest changes, which represent the main implementation of the Act, may not directly affect many small business owners, however the following changes are likely to be relevant to existing (or prospective) limited company directors," the report added.

The Companies Act comes into effect on October 1st.