UK listed companies now required to provide viability statement

Such is the ever-growing emphasis on risk management that a requirement has now been introduced under the FCA Listing Rules for all UK listed companies to include a viability statement in their annual report.

The new provision will be added to the UK Corporate Governance Code, and calls for directors to explain in the annual report how they have assessed their company’s prospects, taking into the company’s current position and principal risks. The provision C.2.2 also requires directors to outline the period for which they have carried out their assessment and why they consider that period to be appropriate. Continue reading

Changes to business names rules

Changes to the rules regarding business names came into effect on 31st January 2015. The changes were outlined after a government consultation, which asked for views on the existing rules relating to names of registered companies that are similar to those of other businesses and words and expressions that were previously deemed ‘sensitive’. Those embarking on new company formations may wish to register several variations on their name to stop their competitors taking advantage of the new rules. Continue reading

Record-breaking number of start-ups hailed

Company formations continued apace throughout 2014 as the economy picked up, as indicated by new figures released by StartUp Britain. They reveal that the UK saw the creation of a record number of new businesses over the past year, with 184,671 Greater London businesses being registered with Companies House.

That predictably made the capital the strongest performer on the ‘entrepreneurial map’ that was also released by the national enterprise campaign, which is run by the Centre for Entrepreneurs think tank. 581,173 businesses were registered across the country overall last year, compared to the previous record of 526,446 businesses the year before, and 2012’s 484,224 figure. Continue reading

Important information about LLP incorporation

Where as a business may seek business formation services such as limited company incorporation and company limited by guarantee incorporation, many may be advised to use another legal business entity giving limited liability but with a partnership regime – namely a Limited Liability Partnership. Companies House now have over 52,000 registered LLPs (May 2014), and they differ somewhat from the original limited liability companies because of their lack of directors, shareholders or share capital and a different tax regime. Continue reading

Amended first aid regulations now in force

For many new business owners, company formations can feel sufficiently bound in red tape without overly burdensome health and safety regulations also proving a cause for concern. Such businesses are therefore likely to welcome the latest news that as of 1 October 2013, they can now enjoy greater flexibility with regard to the management of their provision of workforce first aid, thanks to altered health and safety regulations. Continue reading