There are changes currently in progress at Companies House as a result of The Economic Crime and Corporate Transparency Bill.
The first set of changes, which will be introduced in phases, took place on 4 March. From this date Companies House require all companies to:
- supply a registered email address;
- confirm they are forming a company for lawful purposes, when first incorporating, and/or confirm its intended future activities will be lawful on the annual confirmation statement.
The lawful purpose requirement declaration is simply a tick box on the confirmation statement.
The second phase will be effective from 1 May 2024 and will see a new price list being introduced, with a notable increase in the fee for filing the confirmation statement from £13 to £34. This phase will also include the introduction of a new identity verification process, with the intention of deterring those wishing to use companies for illegal purposes. All directors of new and existing companies will need to verify their identity, with existing directors afforded a transitional period to do so.
There are also a number of big reforms coming down the road for Companies House that will see it become more of a regulatory power that will do more to police the register of companies. We will keep you abreast of the changes as they arrive.
