Accounts News Small Business

Companies Act 2014

The Companies Act 2014 commenced on 1st June 2015 and brings all previous Companies Acts from 1963 to 2013 into one document. Most companies will be affected and it should make it easier to operate a limited company in future. During a transition period which runs up to December 2016, all existing private companies limited by shares ( EPCs) will be classified as a Designated Activity Company (DAC) During the transition period existing EPCs are required to choose to either opt for the new model Limited Company or to opt out by becoming a DAC. Take note that any existing EPCs which have not converted during the transition period will be automatically converted to the new model Limited Company after the transition period.

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