Navigating Changes at Companies House: A Crucial Update for UK Businesses

Key Updates for Business Owners from Companies House (March 2024)

There are crucial updates coming into effect at Companies House from March 2024. Let’s delve into these changes, ensuring your business sails smoothly through these regulatory updates.

1. Registered Office Addresses: A New Standard

A shift in registered office address rules demands companies to maintain an ‘appropriate address.’ This means that any documents sent to your registered office should reliably reach someone acting on your company’s behalf. No more PO Boxes – this change ensures a tangible link between your company and its registered office.

Action Point: Verify that your registered office address aligns with the new criteria or consider utilising a third-party agent meeting the appropriate address conditions such as Start.Biz.

2. Registered Email Address: A Direct Line to Compliance

All companies must provide a registered email address to Companies House. This won’t be publicised but serves as a vital channel for official communications. New companies need to furnish this information upon incorporation, while existing ones should do so with their next confirmation statement.

Action Point: Ensure your company has a registered email address in place, either during incorporation or with your next confirmation statement. The email address given may also be an agent such as your accountants.

3. Statement of Lawful Purpose: A Declaration of Intent

When incorporating a company, subscribers (shareholders) now must confirm that they’re forming the company for a lawful purpose. This commitment extends to confirming the company’s intended future activities on the confirmation statement.

Action Point: Be prepared to make a lawful purpose statement with your next confirmation statement filing.

4. Identity Verification: A Secure Process

Two avenues for identity verification emerge – direct verification via Companies House or an indirect route through an Authorised Corporate Service Provider (ACSP). ACSPs, including accountants and legal advisers, must be authorised and registered with a supervisory body for anti-money laundering (AML) purposes. An agent such as Start.Biz is already regulated and able to undertake this for you.

Action Point: Understand the identity verification process and choose the suitable route for your business.

5. Increased Fees: A Consideration for Budgets

Be aware that changes often come with associated costs. As part of these updates, increased fees may apply for certain services. The Companies House fees will increase from £12 to £50.

Action Point: Familiarise yourself with the revised fee structure and incorporate it into your budget considerations.

At Start.Biz, we understand the importance of adapting to regulatory changes. Our commitment is not just to inform you but to empower your business in these transformative times. If you have questions or need assistance in implementing these changes, trust our expertise to guide you.

If you have any queries surrounding these changes, please contact us on 0800 069 9090 or email us at info@start.biz.