The UK Companies House is implementing new rules effective from March 4 2024, as part of the Economic Crime and Corporate Transparency Act. These changes aim to improve transparency, combat economic crime, and enhance the reliability of data on the Companies House register. Here are the key changes:
- Improved Data Quality: Companies House will have greater authority to question information, conduct stronger checks on company names, implement new rules for registered office addresses, and require new lawful purpose statements.
- Confirmation Statement Changes: Companies will need to provide a registered email address and confirm that their intended future activities will be lawful.
- Fee Changes: From 1 May 2024, Companies House will increase fees to account for future expenditure and ensure the recovery of existing costs.
- Identity Verification: There will be a requirement for anyone setting up, running, owning, or controlling a company in the UK to verify their identity.
- Accounts Filing: There will be a transition towards filing accounts by software only, including changes to small company accounts filing options.
- Protection of Personal Information: Individuals will have the option to suppress personal information from historical documents and to protect personal information from public view due to risk of harm.
- Changes to Limited Partnerships: Limited partnerships will be required to file their information through authorized agents and file more detailed information with Companies House.
- Improved Ownership Transparency: There will be new requirements for providing additional shareholder information and restrictions on the use of corporate directors.
- Enhanced Investigation, Enforcement, and Data Sharing: Companies House will have more effective powers for investigation and enforcement, along with new powers to share data with law enforcement agencies and other government departments.
These changes are part of a broader effort to enhance corporate transparency and combat economic crime in the UK. Other measures under the act, such as further identity verification steps, will be introduced at a later date.
