Overview
Companies House, the UK government agency responsible for incorporating and dissolving limited companies, and maintaining and examining company information in the UK, has published a policy paper setting out an outline transition plan in respect of the reforms set out in the Economic Crime and Corporate Transparency Act 2023 ("Act").
The Act introduces the biggest changes to Companies House since corporate registrations were established in 1844 and gives Companies House the power to play a more significant role in disrupting economic crime and supporting economic growth. Over time, the measures will lead to improved transparency and more accurate and trusted information on its registers.
There will be new responsibilities for:
- all new and existing company directors;
- people with significant control of a company (PSCs); and
- anyone who files information on behalf of a company (including advisors and company secretaries).
The Act introduces new requirements for company directors and PSCs to undergo identity verification ("IDV") and restricts who can file documents at Companies House to ID-verified individuals and authorised corporate service providers ("ACSP’s").
The policy paper confirms the following outline timetable for key developments in the year 2025:
- From 27 January 2025 Companies House should be able to:
- receive and assess applications from individuals seeking to have residential addresses suppressed from public disclosure where they’ve been used as a registered office address.
- receive and assess applications from individuals seeking to have residential addresses suppressed from public disclosure where they’ve been used as a registered office address.
- From 25 February 2025 Companies House should be able to:
- expedite the striking off of companies where the registrar has concluded the company has been formed for a false basis; and
- carry out checks on ACSPs to authorise them to carry out verification services – ACSPs will need to be registered in the UK and subject to the UK's anti-money laundering regime.
- From 25 March 2025 Companies House should be able to:
- allow individuals to voluntarily verify their identity.
- allow individuals to voluntarily verify their identity.
- By Summer 2025 Companies House should be able to:
- allow access on request to certain trust information on the Register of Overseas Entities
- receive and assess applications from individuals seeking to suppress their day of birth for documents registered before March 10, 2015, signature, business occupation, and residential address in most other instances.
- By Autumn 2025 Companies House should be able to:
- make identity verification a compulsory part of incorporation and new appointments for new directors and PSCs
- begin the 12-month transition phase to require more than 7 million existing directors and PSCs to verify their identity – the identity verification will happen as part of the annual confirmation statement filing.
The above dates reflect the current intended timetable; however, timelines are dependent on suitable Parliamentary time in both houses of the UK parliament (House of Commons and House of Lords) and will be kept under review by Companies House.
