The Economic Crime and corporate Transparency Act 2023

The Economic Crime and Corporate Transparency Act 2023 (“the Act”) received royal assent on 26th October 2023.

The Act includes a variety of measures aimed at modernisation of the Companies House process for the registration of companies and partnerships.  The aim is that the changes will lead to improved transparency and enhance the quality of data held on Companies House registers. Measures include;

• Identity Verification – individuals will need to go through an identity verification process on setting up, owning and controlling a company.  Start date to be confirmed.

• Confirmation Statement Changes – all companies will need to provide a registered email address.  The Confirmation Statement will include a requirement to confirm that the future activities of a company will be lawful.  These changes will be implemented in early 2024.

• Filing Accounts by Software – Companies House will introduce process for accounts to be filed digitally.  All companies will need to implement the use of compliant software to enable this.  The changes will be introduced over the next 2 to 3 years. 

• New rules for Registered Offices – All companies/partnerships will be required to have a registered office where any documents delivered there will come to the attention of a person acting on behalf of the company and any documents delivered there can be recorded by an acknowledgement of delivery.  This will mean that PO Boxes cannot be used.    

Aspire Comment

Although the legislation has received Royal Assent the amendments necessitate a variety of changes and software developments and so, will be introduced in phases as Companies House systems are updated.