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2nd April 2008

Independent retailers receive legal boost

New regulations set to come into force next week will help independent retailers and other small firms concentrate on business by cutting bureaucracy.

The Companies Act 2006 will come into force on April 6th and will slash some of the onerous red tape that small retailers and wholesalers must comply with in the course of their existence.

New measures include the simplification of accounting and reporting requirements and the removal of the requirement for private firms to have a company secretary.

Gareth Thomas, the department for business minister, revealed that changes would help modernise company requirements and could lead to more investment in UK firms.

"The business world doesn't stand still and the law is changing to reflect this," he said. "The Companies Act 2006 provides a real step forward in the reform and modernisation of company law. It contains a number of de-regulatory measures and will make the UK an even more attractive place to invest and do business."

The act is being phased over a three-year period, with the next set of changes set to come into force on October 1st.

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