The Small Business, Enterprise and Employment Act is now an official law after it recently received Royal Assent.
Following significant backing from Business Secretary, Vince Cable, the legislation is designed to help entrepreneurs looking to establish their new and growing businesses.
The Government states that the Act contains “measures designed to make the UK the best place in the world to start and grow a business”.
“Small businesses provide jobs for millions of people across the country and are driving the economic recovery,” said Cable.
“The Small Business Act will create the right environment for small businesses to continue to thrive by giving them greater access to finance to help them innovate and grow, and make it easier for them to export goods and services made in Britain.
“The Bill’s measures also mean there is nowhere to hide for firms who do not play by the rules, whether by abusing zero hours contracts or not paying the minimum wage.”
The Small Business Act focuses on 11 key areas designed to give SMEs in Britain a helping hand:
Access to finance
Public sector procurement
Childcare and schooling
Company filing requirements
The Pubs Code Adjudicator and the Pubs Code
At the time of writing, the UK boasts more than five million operational small firms, with the Act set to offer additional business support and opportunities to innovate, grow and create new jobs.
Matthew Hancock, Business Minister, said: “The first-ever Small Business Bill takes radical action on prompt payment to end the late payment culture.
“It contains measures across the board to make it easier to start and grow a business.
“As someone who understands how it works, having been part of a small business myself, to be able to make the changes available today is one of the reasons I went into politics.
“The Government has backed small businesses like never before to build a Britain where entrepreneurs can break the mould and take on the world.
“I know first-hand how cumbersome bureaucracy can stifle your ambitions to grow.
“The Small Business Act is the first set of laws specifically to help level the playing field for small business.
“There really has never been a better time to start and grow a business in the UK.”