This is the second article in a series exploring the changes brought about by the Economic Crime and Corporate Transparency Act 2023 (ECCTA). See our first blog post here.
The ECCTA brought about the introduction of 4 statutory objectives, which the Registrar of Companies will now look to promote, to enhance the accuracy and integrity if information on the register.
Looking at the registrar’s objectives, there are:
to ensure that anyone who is required to deliver a document to the registrar does so (and that the requirements for proper delivery are complied with)
to ensure information contained in the register is accurate and that the register contains everything it ought to contain
to ensure that records kept by the registrar do not create a false or misleading impression to members of the public
to prevent companies and others from carrying out unlawful activities or facilitating the carrying out by others of unlawful activities
Companies House will now base its decisions on these objectives.
The new legislation generally applies to all entities registered with Companies House, including:
private limited companies
public limited companies (PLCs)
limited liability partnerships (LLPs)
limited partnerships (LPs)
community interest companies (CICs)
overseas companies
The legislation applies to companies and other entities registered in England and Wales, Scotland, and Northern Ireland.
What does it mean for routine filings?
Unfortunately, for businesses and advisors that look after routine filings such as confirmation statements, it means a greater administrative burden, and greater focus on the records that are stored.
Now, more than ever, there is a need to store accurate and up-to-date ownership information, in one place, providing a 'single source of truth', in a digital format that is easy to update.
CompanyBooks has been designed by legal professionals to help business owners and professional advisors by providing:
✔ an easy to use compliance tool
✔ a digital way to store share ownership information required by law
✔ a new way to generate routine company secretarial documents, and circulate for instant review, approval and signature