The new Companies Act comes into effect today and aims to cut through red tape for businesses.
The Companies Act 2014 is the largest piece of legislation ever seen in Ireland.
It has implications for almost every business operating here.
Patricia Callan, Director of the Small Firms Association, spoke to Jonathan on today's Newstalk Lunchtime about what will this mean for small business across the country, and those who plan to set up their own company.
"The most significant change is that there are a number of new structures a company can follow," she explained. "Originally all the legislation was based around the type of public company, rather than the smaller company.
"Now you can set up a company with just one director. You just have one single constitution, and you don't have to be very specific about what your business is and go back and change it every time that you would want to," she added.
You can listen back to the full interview below:
