What Is the Economic Crime and Corporate Transparency Act 2023 (ECCTA)?
On 26 October 2023, the ECCTA received Royal Assent in a further bid by the Government to tackle financial and economic crime. The changes to be anticipated by the ECCTA are extensive and will inevitably require companies and other legal structures within the UK to become more transparent. This article provides a helpful reminder of some of those key legislative changes that we expect to be implemented throughout 2024:
Enhanced Powers for the Registrar
The Registrar will have new enhanced powers, including the ability to question and reject Companies House filings, request additional information and remove information from Companies House.
Companies House Identity Verification
All new and existing directors, persons with significant control (PSCs) and those delivering documents to the Registrar will be required to formally verify their identity. See our guide to Companies House ID verification.
Company Name Restrictions
The ECCTA expands those circumstances where the use of a company name can be prohibited.
Transparent Statutory Registers
Companies will no longer be required to maintain local registers of directors or PSCs. All registers (save for registers of members) will be held at Companies House. Before a sale, check your Companies House filings are accurate (see how to prepare a company for sale).
Appropriate Registered Office and Email Address
The ECCTA introduces a new requirement to ensure that a company’s registered office is an ‘appropriate address’ and all companies will also be required to have a registered email address.
Do You Need Help With the ECCTA?
Please get in touch with our corporate and commercial solicitors today by either calling 0330 123 1229, sending an email via info@smithpartnership.co.uk or complete our contact form.
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