This new bill which is currently going through the House of Lords and is expected to be introduced and passed in the summer has many changes which will affect every UK Registered company:-
The main changes include the following:-
A new style annual return which will become a simple annual confirmation that the information filed at Companies House is correct, there will be no set date for the filing so long as the return is filed once in every 12 months. The need to supply a list of members every 3 years will be abolished, but transfers and changes will need to be recorded
Corporate Directors will be no longer be allowed except for certain exceptions which will include the amendment of existing corporate directors, this is mainly because the new Bill aims for Companies to be more transparent. Another aspect of this is that companies must disclose to Companies House any person who holds over 25% of the share capital, a person deemed to have significant control even if this person is hidden under a nominee shareholders situation. The information must be kept in a new register held by the Company which will be open to inspection and also filed at Companies House. Disclosure must also be made on new company formations.
Company Registers may be held on the public record rather than held by a company internally, this is an optional item to ensure the information filed at Companies House is always up to date.
Bearer shares are to be prohibited and existing bearer share holders will have a period with which to change from bearer shares to registered shares.
More information will follow when the Bill has been passed and we will endeavour to make you aware of these changes and the dates they will come into force