Companies House reforms and what do they mean for you?
Posted on in Company & Commercial
The Economic Crime and Corporate Transparency Bill was introduced by the Government as a measure to tackle the increase in money laundering and other financial crime through corporate structures here in the UK. It is estimated that economic crime costs the UK in the region of £100 Billion every year. The Bill is still making its way through Parliament but is expected to become law sometime this summer (2023). The implementation date for the new measures is uncertain as further legislation will be required, together with significant practical and operational changes to Companies House.
The main aim of the reforms is to increase transparency around corporate entities in England and Wales and ensure the information available to the public is accurate and reliable as far as possible. This includes all companies, including charities and not for profit organisations.
The role of Companies House moves from being one of a holder of information provided by companies to that of more active management.
Following implementation of the Bill, Companies House will have increased powers including, to:
- reject or raise queries on>
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