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On 26th October 2023, the Economic Crime and Corporate Transparency Act 2023 (EECTA) received Royal Assent and became law.
Hailed as some of the most significant reforms to Companies House since its establishment, the ECCTA introduces wide-ranging reforms to Companies House. The aim is to combat fraud and corruption by improving transparency over UK companies and other legal entities.
Although this may seem far removed from your day-to-day working life and business management, these reforms could have an important impact on your business if you are incorporated. It will redefine how and what information your business shares with Companies House.
Jess Field, Paralegal in the Corporate and Commercial team, explains more…
The reforms include:
Some of the changes you can expect as a company:
Many of these changes need system development and the passing of secondary legislation. This means they won’t be introduced for a while and includes measures such as identity verification. However, Companies House have advised that some could come into force in early 2024. Businesses therefore need to be ready for the start of the implementation of these changes.
At Coodes, our team will be keeping a close eye on these changes and will keep all of our clients up to date. If you’re not sure how this new law could impact you or your business, Coodes is here to offer personalised advice. You can reach out to Jess Field, Paralegal in the Corporate and Commercial team via email or by calling 01326 214025.
Paralegal
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