On 26th October 2023, the Economic Crime and Corporate Transparency Act 2023 (EECTA) received Royal Assent and became law. Hailed as some of the most significant reforms to Companies House since its establishment, the ECCTA introduces wide-ranging reforms which aim is to combat fraud and corruption by improving transparency over UK companies and other legal entities.
These reforms could have an important impact on your business if you are incorporated, redefining how and what information your business shares with Companies House.
What does this mean for your business?
Some of the reforms include:
- Broadening the Registrar of Companies House’s powers including power over company creation and ensuring the reliability and accuracy of data
- Providing Companies House with more effective investigation and enforcement powers
- Enhancing the protection of personal information provided to Companies House
Some of the changes you can expect as a company include being required to have a registered email address and the completion of ID verification processes for all your directors, PSCs and those sending documents to Companies House.
Many of these changes need system development and secondary legislation which mean they won’t be introduced for a while. However, Companies House have advised that some could come into force in early 2024. Businesses therefore need to be ready for the start of the implementation of these changes.
At Coodes, our team is keeping a close eye on these changes. If you’re not sure how this new law could impact you or your business, Coodes is here to offer personalised advice.
For more details on how these reforms could impact your business, visit the Coodes blog where Jess Field, Paralegal in the Corporate and Commercial team, explains more.