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The first measures under the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into force on Monday 4th March 2024.
04 March 2024
New powers for Companies House to query information and to require companies to give legitimate addresses come in to force under the Economic Crime and Corporate Transparency Act 2023 from 4th March 2024.
The new regime, aimed at curbing misuse of the companies register, will also for the first time require people setting up companies to state that the business' activities will be lawful.
However full identity checks on company directors will not come in to force for some time, Companies House officials said.
Changes to Companies House introduced include:
· greater powers to query information and request supporting evidence
· stronger checks on company names
· new rules for registered office addresses (all companies must have an appropriate address at all times - they will not be able to use a PO Box as their registered office address)
· a requirement for all companies to supply a registered email address
· a requirement for subscribers to confirm they’re forming a company for a lawful purpose when they incorporate, and for a company to confirm its intended future activities will be lawful on its confirmation statement
· greater powers to tackle and remove factually inaccurate information
· the ability to share data with other government departments and law enforcement agencies
· Stronger checks on company names, with the ability to remove offensive names or those that falsely imply connections with a foreign government or international organisation.
· The ability to share data with other government departments and law enforcement agencies.
· New criminal offences and civil penalties will complement the measures, Companies House said. In all, implementing the provisions of the 2023 act will require some 50 statututory instruments.