As of 4th of March 2024, significant changes to UK company law have come into effect, impacting businesses across the nation. These changes, brought about by the Economic Crime and Corporate Transparency Act 2023, aim to enhance transparency, combat economic crime, and support the growth of the UK economy. At CCS Law, we are committed to helping your business understand these changes and remain compliant.
Key Changes to UK Company Law
Registered Office Requirements: All UK companies must now ensure their registered office is located at an appropriate address where documents can be physically delivered and recorded. This adjustment means that PO Boxes are no longer permissible as registered office addresses.
Mandatory Email Address Registration: Companies must now provide a registered email address to Companies House. This address will be used for official communications, though it will not be publicly accessible.
Statement of Lawful Purposes: Companies are now required to affirm that their intended business activities are lawful upon registration and during their annual confirmations.
Software-Only Filing: Companies House is moving towards a software-only system for filing annual accounts, phasing out other methods to streamline processes and improve accuracy.
Amended Filing Requirements for Small Entities: Small companies and micro-entities face new filing requirements aimed at increasing transparency. This includes the necessity to include profit and loss accounts and directors' reports with filed annual accounts.
Audit Exemption Statement: Companies claiming audit exemptions must now include a specific statement on their balance sheets confirming their eligibility for the exemption.
Identity Verification for Company Roles: Enhanced identity verification requirements are being implemented for individuals in key company roles to prevent fraud and unauthorized activities.
Protection of Personal Information: New measures allow individuals to request suppression of certain personal information from the Companies House register to protect their privacy.
Updated Rules for Limited Partnerships: Limited partnerships must provide more detailed information about partners and ensure all general partners’ identities are verified.
Enhanced Transparency for Shareholders: Companies are required to provide a comprehensive list of all shareholders to ensure transparency in ownership.
How CCS Law Can Assist Your Business
With these substantial changes, navigating company compliance can be challenging. CCS Law offers tailored corporate law advice to ensure that your business not only understands these new regulations but also adheres to them effectively. Our team of experienced legal professionals is equipped to provide strategic guidance tailored to your company’s specific needs.
To keep up to date with the latest changes in UK company law and ensure your business remains compliant, turn to CCS Law. We’re here to help you adapt to these new requirements smoothly and efficiently.