Companies house has released a policy paper outlining the roadmap for forthcoming changes to UK company law.
With the passage of the Economic Crime and Corporate Transparency Act 2023, companies house now has enhanced authority to scrutinise filings, request further information, rectify inaccuracies in the public register, and enforce compliance measures.
Key reforms under the Act
The Act introduces several significant changes, including:
- Mandatory identity verification (IDV) for company directors and persons with significant control (PSCs).
- New restrictions on document filings, allowing only ID-verified individuals and authorised corporate service providers (ACSPs) to submit filings to companies house.
Timeline for implementation
The policy paper outlines key stages in the transition:
- Spring 2025: Firms subject to anti-money laundering regulations will have the ability to register as ACSPs, enabling them to file documents and conduct ID verification. Individuals will also have the option to complete IDV on a voluntary basis.
- Summer 2025: Companies house will begin providing access to specific trust-related information from the register of overseas entities upon request.
- Autumn 2025: New identity verification requirements will take effect for initial directors and PSCs of newly incorporated companies. Existing directors and PSCs will be required to complete IDV within 12 months, aligning with their next confirmation statement filing.
- Spring 2026: New filing restrictions will come into force, meaning that only individuals who have completed IDV or are registered ACSPs can submit filings.
- By the end of 2026: Reforms enhancing transparency in shareholder structures and updates to limited partnership legislation will be introduced.
- Future developments: Companies house will introduce a requirement for all company accounts to be filed digitally via software. A formal notice period will be provided ahead of this implementation.
Additional considerations
The policy paper also confirms that the prohibition on corporate directors will be implemented, though a specific timeline has not been set. Under this change, UK companies will only be allowed to appoint corporate directors if all of the corporate director’s own directors are individuals who have successfully completed ID verification.
Given that some aspects of the reform require secondary legislation, companies house has indicated that the implementation process will take place over 18 months, with transitional measures extending into 2027.
If you are in doubt about your identity or filing obligations please contact our commercial and corporate team on 0161 696 6170 for further advice and guidance.
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