LS Legal News Bulletin
Changes to UK Сompany Law: Key Updates
Friday 8th March 2024
👉 The Economic Crime and Corporate Transparency Act received royal assent on 26 October 2023. This will introduce substantial changes to Companies House procedures.
📜 Corporate registrations were established in 1844, and these revisions are the most extensive since then. They aim to combat economic crime and promote a business-friendly environment.
⚡ The main measures introduced by the act:
🆔 All individuals responsible for company management or filing will need to undergo identity verification. This will enhance the accuracy and reliability of registered information.
🔍 Companies House will take a more active role in overseeing company formations. It will also ensure data integrity.
✅ Expect a transition to more reliable, advanced financial reporting methods. They will improve financial reporting and facilitate better-informed business decisions.
🚩 Strengthened enforcement capabilities will enable more effective action against fraudulent activities. This will safeguard the integrity of corporate records.
🔐 There will be rigorous measures to safeguard personal information. These measures will mitigate the risk of fraud and other abuses.
The reforms complement the initiatives set forth by the Economic Crime (Transparency and Enforcement) Act. They include the establishment of the Register of Overseas Entities. Together, they strengthen efforts to combat economic crime and enhance corporate transparency.
📞 These amendments apply to established company directors, aspiring entrepreneurs, and professional advisors. Contact us if you have any questions.
