The Economic Crime and Corporate Transparency Bill has now received Royal Assent, meaning it has become an Act of Parliament (law) and is due to come into force in early 2024, with the first of the changes now looking like being introduced on 4 March (subject to secondary legislation).
The aim of the reforms is to improve transparency and ensure more accurate and trusted information, with a number of key changes. A summary of the expected changes can be viewed here in our earlier blog.
What will change on 4 March?
The first set of changes introduced by the Economic Crime and Corporate Transparency Act includes:
- Greater powers to query information and request supporting evidence
- Stronger Checks on company names
- New rules for registered office addresses
- A requirement for all companies to supply a registered email address
- A requirement for all companies to confirm they’re forming the company for a lawful purpose when they incorporate, and to confirm its intended future activities will be lawful on their confirmation statement
- The ability to annotate the register when information appears confusing or misleading
- Taking steps to clean up the register, using data matching to identify and remove inaccurate information
- Sharing data with other government departments and law enforcement agencies
Other measures planned under the act, such as identity verification, will be introduced at a later date yet to be confirmed.
Get in touch
If you wish to discuss the above changes or any of the planned amendments in further detail, get in touch with a member of the team who will be happy to discuss the impact they could have on your business and how you can plan ahead.
At PM+M, we already have software in place for filing accounts directly with companies house so our clients can rest assured that everything is covered. We have a dedicated company secretarial team and would be happy to discuss how we can assist you with implementing the changes, keep you up-to-date with when the changes are coming into force and look after any filing requirements on your behalf.
For further information or advice, get in touch by emailing email@example.com or calling 01254 679131.