Jobs, Enterprise & Innovation Minister Richard Bruton has published the first part of what he says will be the biggest overhaul of company law since 1963.
Minister Bruton said 'Pillar A' of the new Companies Bill was aimed at making it easier and cheaper to start and run a business.
It consolidates the 15 existing Company Acts, as well as a number of other statutory instruments and judgments.
The Minister said he was publishing the first part of the Bill on the department's website in order to allow people and businesses who will be affected to prepare for the new legislation. The rest of the Bill is expected to be published in 2012.
Minister Bruton claimed the planned changes would have a 'significant impact' on reducing business costs.
Under the proposals, a person would be able to start a business without needing to find a second director, while small businesses would no longer have to hold a physical AGM every year.
The new Bill also includes an exhaustive listing of the duties of directors and of all criminal offences under company law. This is aimed at reducing the need for business owners to consult lawyers about their rights and duties.
