It’s important to stay informed about the upcoming changes at Companies House. These amendments outlined in the Economic Crime and Corporate Transparency Bill (ECCT) are planned to be actioned in Spring 2024 and may impact the way businesses operate and report their information. Here’s a brief summary of the key points to be aware of:
Greater scrutiny of information
Companies House will have enhanced powers to scrutinise, reject, and even remove information that appears incorrect or inconsistent with existing records held on the register.
Stricter checks on company names
Expect a more rigorous vetting process for individuals establishing new companies or seeking to change the name of an existing one.
New rules for registered office addresses
All companies must maintain a proper address at all times, with the exclusion of PO Boxes as registered office addresses.
Mandatory supply of a registered email address
Companies are now required to register and provide a valid email address to Companies House, ensuring better communication and correspondence.
Confirmation of Lawful Purpose
Upon incorporation, companies will need to confirm that their future activities will be conducted lawfully. This confirmation will also become an annual requirement on the confirmation statement.
Enhanced Data Sharing
Companies House will have increased flexibility in sharing company data with other government departments and law enforcement agencies, promoting transparency.
As we await the full implementation of the ECCT bill, it is crucial for businesses to prepare for these changes and adapt their practices accordingly. Stay tuned for further details as the fine print becomes available, and feel free to reach out to our team for any assistance in navigating these upcoming adjustments.
