Chancellor Rachel Reeves has vowed to scrap “needless form filling” as part of a plan to boost business growth and attract more global investment.
Speaking at a regional investment summit in Birmingham, Reeves said the reforms would “make the UK a top destination for global capital” and deliver long term savings for firms.
With the budget due next month, the chancellor acknowledged that "for too many people" the economy was "not working as it should".
Businesses have criticised the government over recent policy changes, including higher employers’ National Insurance contributions and the new Employment Rights Bill, arguing that they add to financial pressures.
Reeves said the new measures could save firms almost £6billion a year by the end of the current Parliament.
Plans include simplifying company mergers and removing the need for small businesses to file lengthy reports with Companies House.
Business secretary Peter Kyle defended Labour's approach to business, telling the BBC the government would implement changes in a way that is "pro-worker and pro-business".
He also revealed that new rules could temporarily exempt emerging AI technologies from regulation to help accelerate innovation.