Changes to UK company law : The Economic Crime and Corporate Transparency Act 2023
The Economic Crime and Corporate Transparency Bill received Royal Assent on the 26th October 2023 and is now The Economic Crime and Corporate Transparency Act 2023.
Louise Smith the Chief Executive and Registrar of Companies celebrates the new bill becoming law and believes it will support economic growth in the UK, but also helping prevent crime and abuse of the company’s registrar.
Companies House will now have additional powers regarding the data held on record, and the ability to verify identification for existing and new directors, significant shareholders, and those who are filing with Companies House.
It is hoped the new changes will promote more accurate data being held at Companies House and help prevent fraud and other financial harm.
These changes reflect new laws in England & Wales, but also in Scotland and Northern Ireland.
Changes to the way Companies House’s systems operate are expected to start in 2024 and should include:
- More cross-checks of information against existing data.
- Stringent checks on company names.
- PO Boxes no longer allowable for registered offices.
- All companies to register a contact email address.
- Every year companies will need to state they only intend to operate a lawful business.
- Public notes against companies where there may be potential issues.
- Removal of inaccurate information from the registrar.
- Sharing data with other government departments and law enforcement.
As Companies House fees are used to provide the service, it is expect the fees will increase to cover the additional expenses incurred.
This article is based on information publicly available online at www.gov.uk. Accessed 05/12/2023.
