What is the Companies Act 2014?
A new Companies Act (2014) will come into effect on 1st June 2015, replacing the Companies Acts 1963 – 2013.
Amongst other changes, it will introduce two new company models — the LTD company model and the Designated Activity Company model.
The directors of all companies currently registered as private companies limited by shares must decide to convert their company to a:
- LTD (Private Company limited by shares)
- DAC (Designated Activity Company limited by shares)
Alternatively, they need to re-register as another company type (where required/preferred).