By Lucy Demmon
UK Company Law is transforming!
The Economic Crime and Corporate Transparency Bill has officially become law, marking a pivotal moment for Companies House. As the Chief Executive and Registrar of Companies, Louise Smyth, highlights here, these changes empower Companies House to play a more significant role in combatting economic crime whilst also supporting business growth.
The aim of the Legislation is to ensure cleaner registers and enhanced transparency.
Key Highlights Include:
In addition, Louise Smyth has introduced 4 new objectives to guide Companies House:
What to expect next?
Some changes, such as identity verification, will not be introduced immediately. Other measures will come into force sooner, in early 2024.
These early measures include:
Early 2024 will also see an increase in Companies House fees. These fees are however expected to remain some of the lowest in the world, even after the increase.
These are exciting times for the UK business landscape. These adjustments, guided by the Economic Crime and Corporate Transparency Bill, will position us for a stronger, more resilient business ecosystem; and if embraced, a more transparent, reliable, and secure business environment.