Monday, 1 June 2015
· New Companies Act commences today
The Small Firms Association (SFA) has welcomed the commencement of the Companies Act 2014 today, 1 June 2015.
Patricia Callan, SFA Director, stated: “The new Companies Act represents a simplification and modernisation of company law in Ireland. It has the potential to reduce red tape and make it easier to operate a business in Ireland, with potential benefits for current and aspiring owner managers and for our economy and society as a whole. The new Act replaces the current mosaic of legislation, which has proliferated around the original 1963 Companies Act, with a single rulebook. The SFA in particular welcomes the creation of a new private limited company (LTD) type, which is a much simpler construct than previously existed."
“The new Companies Act puts smaller firms at the heart of the regime for the first time – but businesses need to understand the changes and take a number of actions if they are to reap the full benefits,” Callan cautioned.
Specifically, the SFA urges small businesses to:
Callan concluded: “Companies have 15 months from today as a transition period to comply. It is important to be proactive and think about what is right for the future of your business before the deadline expires.”
For queries and interviews, please contact: Patricia Callan, Director, Small Firms Association, e-mail: email@example.com, tel: 087 6999345, Twitter: @SFA_Irl