On 4 March 2024, new regulations will come into force, affecting UK-registered businesses that file with Companies House.
The implementation of the Economic Crime and Corporate Transparency Act last year marks an increased focus on corporate compliance and fraud prevention.
Understanding the impact these changes could have on your business is vital.
Under the new regulations, Companies House will be granted greater investigative and enforcement powers.
The Act will also allow Companies House to share data on businesses with Government departments and law enforcement agencies.
Companies House will also gain increased authority to scrutinise data, including rigorous checks on company names and essential information.
This aims to bolster efforts against financial crime and maintain regulatory standards.
As part of the Government’s aim to improve the data held on UK-registered companies, businesses will now be required to register at an ‘appropriate’ office address.
This means that PO Box addresses will no longer be acceptable from 4 March, as documents sent to your company are expected to be received in person.
If you have personal data held by Companies House within historic documents, you have the right to request that information be hidden and kept private. This falls under the Economic Crime and Corporate Transparency Act.
A plan to prevent private information from public view is due to be set out by the Government to build on this.
From 4 March, companies will have new obligations concerning their confirmation statements, including:
From 1 May 2024, Companies House will revise its fee structure.
This adjustment aims to sustain the effective operation of Companies House and the integrity of its services.
A gradual shift towards digital account filing through compliant software will be introduced.
This is similar to the approach taken by HM Revenue & Customs (HMRC) with Making Tax Digital, expected to unfold over two or three years.
Limited partnerships will need to submit additional information through an authorised secretarial agent.
New requirements for identity verification for individuals involved in establishing, managing, owning, or controlling a company will be introduced.
This means direct verification with Companies House through its official service is necessary.
Aiming to protect legitimate businesses, this system plans to crack down on fraudulent activity.
New registration requirements include providing additional shareholder information, such as:
Restrictions will be placed on the use of corporate directors, allowing only UK corporate entities with ‘legal personality’ to be appointed.
These initiatives aim to improve corporate governance and ensure business integrity. While adapting may take time, it’s vital to act promptly to ease the transition.
Regularly updating your data is essential to remain compliant with the new regulations.
Preparation is key – gather all necessary information early to avoid last-minute hurdles.
For guidance on Companies House compliance and company registration, contact our team today.