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News – 18.11.24
International Men's Day - breaking the silence around men's mental health
International Men's Day - breaking the silence around men's mental health … Read more
Insight – 20.11.24
A change in US Presidency: How might it affect your finances?
In this article, we explore the potential economic and financial impacts of Donald Trump's return to power. … Read more
Upcoming event – 10.12.24
Funding innovation in the technology sector: Are the government doing enough?
Join us for an exclusive roundtable breakfast to explore the question of whether the government are doing enough to support innovation in the technology sector. … Read more
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It will take time for the necessary regulations, systems, and processes to be put in place and we therefore wait to see how and when these new objectives will be implemented in full. Some changes are clearly prescribed. For example, in future, the identity of directors and people with significant control will need to be verified together with anyone filing on behalf of an entity. However, the new powers that will be given to Companies House also provide some insight into how the objectives will be implemented. For example, once in force, Companies House will be able to request additional information to enable it to determine compliance. Companies House will also be able to reject a document if it is inconsistent with any existing information available to it. Both powers suggest that the Companies House could require filings to be accompanied by supporting evidence in the future.
The new powers give Companies House discretion in certain areas that some may not welcome. As an extreme example, in the future Companies House will have the power to strike off a company if it was registered with information that is misleading or deceptive. We, therefore, wait with keen interest to see if Companies House will publish guidance on how it will decide what information is misleading or deceptive.
We are tracking the implementation of the Act closely to determine what the reform means for our clients in practice. The Act expects authorised corporate service providers, such as Buzzacott, to play a key role in verifying the identities of directors and people with significant control. We are therefore confident that, with our support, our clients will remain fully compliant with company legislation and that filings will continue to be made correctly and on time.
If you have a query about any of the topics mentioned in this article, please fill in the form below and one of our experts will be in touch.
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