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Companies act 'a good move'

Dec 20 2007

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The Companies Act has been welcomed by industry experts as it cuts down on regulation for SMEs, which is 'a good move', according to the Federation of Small Businesses (FSB).

It is considered as one of the 'few acts' to be deregulatory and as such its arrival has been welcomed by the FSB.

The act was last week scheduled for implementation over the next two years.

Belinda Webb, a spokesperson for the FSB, says: 'We welcome the Companies Act for two reasons: It enables small companies to do away with a physical AGM, as small businesses can now hold a virtual AGM on the internet, which saves costs.'

'It also does away with the need for a company secretary position. Now in the UK we have genuine one-person companies,' she adds.

Legal commentators Mondaq has reported that the Companies Act 2006 is the largest piece of legislation to be ever issued by Parliament.

It is made up of over 1,300 sections and with about 70 supplementary pieces of secondary legislation.

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