reduced red tape

Companies Act (2006) PDF

Companies Act still leaves Red Tape

Three quarters of directors said the Companies Act (2006) (2.7Mb PDF) reforms introduced last year have failed to simplify company systems and reduce red tape as the Government pledged, according to business services provider Jordans. Their research found that just 6% of company directors said the new measures had reduced administration. In addition, more than 18 months after the first phase of reforms was introduced, 18% of directors said they were unaware of the changes. The Companies Act reforms have been introduced in phases, with the first group of reforms taking effect in January 2007, while some amendments will not become law until October this year. For example, since January 2007, companies have been able to communicate with shareholders using electronic communications (Internet, ... »