Changes to the UK Company Law
Omar Elzayat
International Associate
Introduction
The UK government is undertaking a comprehensive reform of the country’s company laws. As part of these changes, it aims to enhance transparency and fight economic crime. Central to these reforms, therefore, is a substantial increase in the fees charged by Companies House for various registration, filing, and administrative activities.
Increased Incorporation and Registration Fees
As part of the broader changes to UK company law, the government has announced that Companies House fees will increasing substantially from the 1st of May 2024. This includes, but is not limited to the following:
- Company incorporation fees rising from £12 to £50 for digital filings and £71 for paper filings.
- Confirmation statements fees rising from £13 to £34 for digital filings and £62 for paper filings.
- Various other company registration and transaction fees seeing hikes of 50% or more.
To see the full list of the new Companies House fees please visit: Changes to Companies House fees – Changes to UK company law
Key Changes and Amendments to the UK Company Law
Firstly, the UK government is introducing sweeping changes to company law through the Economic and Corporate Transparency Act. A key focus, is enhancing the quality of data on the UK’s company registers. From March 2024, Companies House will gain greater powers to verify information, implement stronger checks on company names, and introduce new rules for registered office addresses and lawful purpose statements.
Secondly, confirmation statement filed with Companies House will also experience significant changes. Companies must now provide a registered email address and confirm that their future activities comply with the law. Moreover, identity verification will become mandatory for anyone setting up, running, owning or controlling a UK company. This aims to increase transparency and crack down on illicit activity. Individuals must likely provide official ID and undergo verification checks.
The UK’s company law reform gives individuals new rights to safeguard their personal data in company records. They can now suppress or protect their information to reduce the risk of harm. This change enhances privacy and protects individuals from potential risks caused by public access to their details in the company registry.The exact criteria and evaluation process for these privacy protection applications has not yet been specified by the government. However, it is likely that individuals will need to provide evidence and justification to support their requests.
Conclusion
Finally, these wide-ranging reforms to UK company law represent significant shift in the regulatory landscape. Businesses and individuals will need to closely monitor the implementation of these changes in the coming years to ensure compliance with the new transparency regulations.
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