Companies House introduces the first set of measures under the Economic Crime and Corporate Transparency Act on Monday 4 March 2024.
Companies House introduced the first set of changes under the Economic Crime and Corporate Transparency Act on Monday 4 March 2024.
The Economic Crime and Corporate Transparency Act
The Economic Crime and Corporate Transparency Act gives Companies House the power to play a more significant role in disrupting economic crime and supporting economic growth. Over time, the measures will lead to improved transparency and more accurate and trusted information on Companies House registers. The act received royal assent on 26 October 2023.
What will change
The first set of changes introduced by the Economic Crime and Corporate Transparency Act includes:
- greater powers to query information and request supporting evidence
- stronger checks on company names
- new rules for registered office addresses
- a requirement for all companies to supply a registered email address
- a requirement for all companies to confirm they’re forming the company for a lawful purpose when they incorporate, and to confirm its intended future activities will be lawful on their confirmation statement
- the ability to annotate the register when information appears confusing or misleading
- taking steps to clean up the register, using data matching to identify and remove inaccurate information
- sharing data with other government departments and law enforcement agencies
Other measures under the act, such as identity verification, will be introduced later.
Get more information on changes to UK company law.
Information webinar
Companies House hosted a webinar in February to introduce the first set of changes brought in by the Economic Crime and Corporate Transparency (ECCT) Act. You can access the recording of this webinar. See Companies House webinars available as recordings.
Source: nibusinessinfo
