April 17 2013.

Following the announcement of the interim results from the government's company and commercial law Red Tape Challenge, elements of the company law regime are to be changed. In particular, half of the 115 regulations on the day-to-day running of a company and the preparing and filing of their accounts are to be scrapped, merged or simplified.

Specifically, there will be reform of the company and business names regime and proposals include removing certain names from the list of words that require approval from specified bodies before being registered at Companies House; and measures to simplify the regulations a company must abide by when displaying the company name at their premises, on paper or online.

There is a proposal for companies with less than ten employees (micro-businesses) that will enable them to prepare much reduced annual accounts. There is also a move to amend the Companies Act which will simplify the system for companies using assets to raise finance, streamline company annual reporting requirements and repeal certain filing obligations when companies change their auditors.

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