The latest phase of the Government’s Red Tape Challenge is targeting ‘unnecessary bureaucracy in company and commercial law’.
Over the next three weeks, the Government will be asking for businesses’ views on more than 120 company law regulations, guidance and enforcement processes.
Businesses will also be asked for suggestions on improvement for the regulations and whether they should be simplified or abolished. Examples of areas being targeted include the internal workings of companies and partnerships, and the rules covering company names.
Commenting on the latest initiative, Business Minister Edward Davey said: “We want to have a flexible regulatory framework within company law to allow firms to compete and grow successfully. The Red Tape Challenge is a great way for the public and firms to tell us what is a nuisance or gets in the way of doing business effectively.
“The feedback we receive will allow us to build on the Companies Act 2006 to look at areas such as the audit regime to assist small and medium sized companies as well as the approach to filing documents at Companies House. I am open to new ideas to simplify, merge or discard additional rules that will enable firms to do business with more confidence.”