Regulatory update – United Kingdom

From now on, Companies House has the power to issue fines to companies, add annotations to companies’ records and if required, prosecute companies if they fail to meet the new requirements.

Companies House’s remit was broadened with stronger registrar powers and now includes the ability to challenge register information they deem incorrect or inconsistent. The Act also streamlines the information removal process when information is found to be inaccurate or fraudulent.

Companies are now required to have an ‘appropriate address” as their registered office, meaning PO boxes are no longer considered acceptable. Additionally, companies must provide a registered email address for communication with Companies House. This email address will not be disclosed publicly.

Lastly, the company setup process now includes a statement of lawful purpose upon creation as well as intended future activities in the annual confirmation statement.