Companies House has begun implementing new requirements under the Economic Crime and Corporate Transparency Act, and the changes have come into effect earlier than expected.

 

As of this week, all company directors and Persons with Significant Control (PSCs), meaning anyone who owns more than 25% of a company’s shares or voting rights, must verify their identity with Companies House.

 

This forms part of a wider initiative aimed at increasing transparency and tackling economic crime across UK businesses. The changes were originally expected to launch in the autumn but went live this week. An email has been sent to all registered company contacts asking individuals to complete the verification process.

 

In addition to the new identity checks, only verified individuals or Authorised Corporate Service Providers (ACSPs) can now file information on behalf of a company. This means filing can no longer be handled by just anyone. It must be done by directors who have completed identity checks or by authorised providers such as ourselves.

 

For directors who choose to complete the process themselves, it involves downloading the GOV.UK One Login app and using facial recognition technology along with ID scanning.

 

Fortunately, we had anticipated these changes and are already officially registered as an Authorised Corporate Service Provider. This means we are well placed to support our clients and make the process as smooth as possible.

 

If you are unsure how the new rules apply to you or your company, or would simply like to talk through your options, please feel free to get in touch with the team.