Scottish Business Owner
New Member
There is a fair bit of new legislation coming into effect on the 1st of October 2008. I have summarised the main aspects below and hope you will find these useful.
Company Law
* New minimum age for company directors set at 16.
* A limited company cannot act as the sole director for another limited company, although it can still act if there is another human director!
* The rules regarding disclosure of trading information by companies (on stationery and websites) change. There is a new entitlement, for the benefit of companies in multi-occupancy premises, for company names to be displayed on an electronic screen, as long as each company name is visible for at least 15 continuous seconds in every three minutes.
* Private companies will no longer have to go to court to gain approval for a reduction of their capital. In future, they can choose instead to pass a special resolution of shareholders and get the directors to make a declaration of solvency to the effect that the company will still be able to pay its debts over the next 12 months.
* Again in the case of private companies only, annual returns made up to 1 October or after will not be required to disclose the addresses of the company’s shareholders.
National Minimum Wage
* The standard rate rises to £5.73 per hour.
* For 18-21 year olds, the rate rises to £4.77 per hour.
* For 16-17 olds, the rate rises to £3.53 per hour.
Company Law
* New minimum age for company directors set at 16.
* A limited company cannot act as the sole director for another limited company, although it can still act if there is another human director!
* The rules regarding disclosure of trading information by companies (on stationery and websites) change. There is a new entitlement, for the benefit of companies in multi-occupancy premises, for company names to be displayed on an electronic screen, as long as each company name is visible for at least 15 continuous seconds in every three minutes.
* Private companies will no longer have to go to court to gain approval for a reduction of their capital. In future, they can choose instead to pass a special resolution of shareholders and get the directors to make a declaration of solvency to the effect that the company will still be able to pay its debts over the next 12 months.
* Again in the case of private companies only, annual returns made up to 1 October or after will not be required to disclose the addresses of the company’s shareholders.
National Minimum Wage
* The standard rate rises to £5.73 per hour.
* For 18-21 year olds, the rate rises to £4.77 per hour.
* For 16-17 olds, the rate rises to £3.53 per hour.
