Legislation Governing UK Companies to Change from 4th March 2024

Legislation Governing UK Companies to Change from 4th March 2024

By Andrew Lambe, 23rd February 2024

The legislation governing UK companies will change from 4th March 2024, as part of the recently published Economic Crime and Corporate Transparency Act. Several important changes coming down the track include:

Greater powers to the registry:

The registrar will have enhanced powers to improve the quality and accuracy of the information on the public register. This includes enhanced checks on UK company names, scrutinising and rejecting incorrect information, removing false or inaccurate information, annotating the register, using new data-matching technology, and sharing information with other government departments and law agencies. Companies that fail to respond or act to a formal request from the registry may face serious consequences.

Changes to Registered Office Addresses:

UK companies will now need an ‘appropriate address’ as their registered office and will not be allowed to use a PO Box. Companies using a PO Box are required to change their address by March 4th. If the registrar finds a company to be using an inappropriate address, they will change it to their default address and give the company 28 days to change it to an appropriate one.

Registered Email Address:

Companies will be required to provide an email address for correspondence with the registrar. This email address will not be on public record but may be shared with other Government Bodies. All new incorporations will need to provide the email address upon registration, and existing UK companies will be required to provide an email address on their first/next Confirmation Statement filing.

Lawful Purposes:

All new UK company incorporations will need to provide a statement confirming that their company is being set up for lawful purposes. The company must also confirm on any future Confirmation Statements that the company’s activities are continuing to be lawful.

In addition to the above, there will also be a significant increase in the filing fees for UK companies from March 2024. For example, the filing fee for the incorporation of a new UK company will increase from £11 to £50 and the filing fee for a confirmation statement will increase to £34.

These changes are part of the UK government’s efforts to enhance the transparency and accountability of UK companies and combat fraud and money laundering. Companies should prepare for the new requirements and fees and ensure that they comply with them from March 2024 onwards. Failure to do so may result in penalties or legal action.

If you have any additional questions regarding these changes to the UK legislation or UK Company Formations in general, please do not hesitate to contact the Company Bureau team! Give us a call at +353(0)1 6461625 or fill out our online contact form.

Disclaimer This article is for guidance purposes only. It does not constitute legal or professional advice. No liability is accepted by Company Bureau for any action taken or not taken in reliance on the information set out in this article. Professional or legal advice should be obtained before taking or refraining from any action as a result of this article. Any and all information is subject to change.