The Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into force on 4 March 2024 providing new powers for Companies House.
Companies House, the UK’s registrar of companies, plays an important role in maintaining public records related to corporate entities. Its databases are used by businesses, investors, and regulatory authorities, to make informed decisions and ensure compliance with legal obligations.
The new powers given to Companies House include:
- Stronger checks on company names to mitigate the risk of fraudulent filings.
- Greater powers to query information and request supporting evidence, to detect any inconsistencies or attempts to conceal the true nature of businesses.
- Registered office addresses can no longer be a PO Box, all companies must have an appropriate address at all times. Regular checks on Registered Offices addresses will be carried out and failure to respond quickly to enquiries could result in a fine or suspension from the register.
- A requirement for all companies to supply a registered email address, if one was not supplied when first registering details must be provided via the next annual confirmation statement.
- Subscribers will have to confirm that they are forming a company for a lawful purpose when they incorporate, and on each subsequent confirmation statement that all intended future activities will be lawful.
- The ability to share data with other government departments, law enforcement agencies, regulatory bodies and international partners.
- Greater power to tackle and remove factually inaccurate information.
The implementation of these measures represents a significant milestone in the ongoing effort to strengthen corporate governance and combat financial crime. It will improve the reliability of Companies House data and aims to tackle the misuse of the companies register.
As a result of the additional work that the new measures involve, Companies House are increasing their fees with effect from 1 May 2024.
| Channel | New fee post 1 May | Current Cost | |
| Incorporation | Digital | £50 | Free |
| Confirmation Statement | Digital | £34 | £13 |
The full list of new fees can be found at: https://changestoukcompanylaw.campaign.gov.uk/changes-to-companies-house-fees/
If you need help with a company incorporation or any company secretarial tasks, please do not hesitate to contact us on help@cklg.co.uk or have a read of our Business Services, including support for business startups and more established businesses .
Our Business Team will be very happy to help you!
