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Companies act welcomed by FSB

Published On 5 March 2007 at 10:29:28

The planned implementation of the Companies Act has been greeted with strong approval from the Federation of Small Businesses (FSB).

Margaret Hodge, minister for Industry and Regions, today announced a timetable for the instigation of the act, designed to make procedures with Companies House - the official government register of UK companies - easier for small businesses.

However, the FSB has stressed that unlike bigger businesses, SMEs do not have standalone departments to work out what is required of them - and moreover what potential benefits the act could bring them. It recommends that comprehensive guidance is provided in good time before the act is implemented, preferably through Companies House.

Mike Cherry, FSB financial affairs chairman, commented: "The Companies Act is a welcome piece of legislation, which should make formal procedures simpler and less burdensome for small businesses.

"The smallest businesses in particular have been crying out for reform of unnecessary and out-dated company laws.

"It is important for the Government to get the implementation and timing of this right, but the signs so far are encouraging. It is equally important that implementation of the deregulatory measures happens sooner, rather than later, so that the benefits can have maximum impact."

 

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