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Companies House rolls out new powers

Companies House rolls-out new powers

4 March 2024

The first measures under the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into force on Monday 4 March 2024.

The first measures under the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) were brought into force by Companies House on Monday 4 March 2024.

Changes introduced include:

  • greater powers to query information and request supporting evidence;
  • stronger checks on company names;
  • new rules for registered office addresses (all companies must have an appropriate address at all times – they will not be able to use a PO Box as their registered office address);
  • a requirement for all companies to supply a registered email address;
  • a requirement for subscribers to confirm they’re forming a company for a lawful purpose when they incorporate, and for a company to confirm its intended future activities will be lawful on its confirmation statement;
  • greater powers to tackle and remove factually inaccurate information; and
  • the ability to share data with other government departments and law enforcement agencies.

New criminal offences and civil penalties will complement the measures introduced.

Legitimate businesses will experience minimal hassle as they implement the phased roll-out of new powers and requirements. They will seamlessly integrate many of these changes into their existing reporting cycles. Such as: updating a company’s confirmation statement.

As Companies House introduces further measures, they will proactively inform people who file information with them about what they need to do through their communications channels and campaigns.

Source: Other Mon, 04 Mar 2024 00:00:00 +0100

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