Company Name Rules to be simplified
It was back in February when the government began a consultation on eliminating the red tape around business and company names. The Department for Business has now released the results of this discussion along with the changes they are suggesting. A number of of these changes being planned are quite technical. The more noteworthy changes to be suggested are around â€˜sensitive words`.
At present there is a catalogue of more than a few hundred words and phrases which cannot be used in company names or may only be used with certain permission. So, for example, if you wanted to include the word â€˜King` in your company name, you will need to write to the Cabinet Office for consent. The projected new rules would remove around one third of these sensitive words presently on the list and permit Companies House to choose whether companies can apply the left over words.
So rather than having to write to the cabinet office or other qualified governing body for authorisation, the decision would lay with Companies House when the company formation is handed in. This will potentially greatly boost the speed of the process, as well as unlock a number of names that previously could not be used. The sensitive words which could be omitted are:
â€¢ Abortion, Group, Registration, Banknote, Human Rights, Regulation, Data protection, National, United Kingdom, Discipline, Pregnancy termination, European, Register, Giro and Registered.
At the moment there is no definite date when the new company and business name rulings will come into effect. The BIS consultation file simply says they â€œwill draft regulations over the coming monthsâ€. Therefore, it will remain a case of â€œwatch this spaceâ€ for further details.
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