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New Company Law: 3 Key Changes That Will Affect Your Business
April 30, 2024
The regulations have set the stage for significant reforms aimed at enhancing corporate transparency and combating economic crime.
On the 4th March 2024, the first wave of these changes arrived, ushering in new responsibilities and requirements for companies registered in the UK.
Our corporate and commercial team delve into three key changes introduced by the Act that are now in effect and explore what they mean for your business:
1. Requirement for an ‘Appropriate Address’
From 4 March 2024, every company must maintain an ‘appropriate address’ as its registered office. This is an address in which documents sent by post or hand are expected to reach a person representing the company.
This new law applies to all UK limited companies, LLPs, LPs, and SLPs registered in the UK and means a P.O box is no longer sufficient as a registered office address. Companies can, however, use third-party addresses (e.g. those provided by accountants or solicitors) if they meet the specified requirements.
Next Steps
Ensure your registered office address meets the new requirements. If not, update your registered office address promptly to avoid complications.
2. Duty to Provide Registered Email
Companies are required to provide an appropriate registered email address to Companies House. This email address will not be publicly available and will only be used for official communication purposes.
An appropriate email is one where emails from Companies House would be expected to reach someone representing the company.
This applies to all UK Limited companies, LLPs, LPs, and SLPs, and is effective for new company incorporations 4 March 2024, and for confirmation statements from 5th March 2024.
Next Steps
Ensure your company provides a valid registered email address. New companies must include this information during incorporation. Existing companies must update this in their next confirmation statement.
3. Statement of Lawful purposes
Companies must confirm that their future activities will be lawful. This confirmation is required during company incorporation for new companies, and when filing the annual confirmation statement for existing companies. Subscribers (founding members) must confirm that the company is formed for lawful purposes during incorporation.
This affects all new and existing UK companies, LLPs, LPs, and SLPs, and is effective for company incorporations from 4 March 2024 and for confirmation statements with a statement date from 5 March onwards.
Next steps
When incorporating a new company, ensure lawful purposes are confirmed. For existing companies, include this confirmation in the next confirmation statement.
Conclusion:
As the Act rolls out its initial changes, businesses must adapt to these new requirements. Ensuring compliance with the updated regulations is crucial to avoiding penalties and maintaining good standing.
How Darwin Gray can help?
For businesses preparing to launch or incorporate, we can guide you through the complexities of the new legal landscape. Whether it’s understanding the filing obligations for small and medium sized companies, or ensuring proper identity verification, our experts offer tailored advice to meet specific needs. By proactively seeking legal advice during the formation process, companies can avoid potential pitfalls and set a strong foundation for compliant operations.
We offer a fully managed company secretarial service led by experienced corporate lawyers. We use company management software from Kudocs to manage your company information. This includes the information you are required to file and keep filed at Companies House and also information that a company is required to hold itself, such as its statutory books and registers.
Our purpose is to give you peace of mind that your company books and registers are up to date in addition to taking the administrative burden away from your management time.
If you would like assistance on the topics covered above, please get in touch with a member of our corporate team, Rhodri Morgan, via email on rmorgan@darwingray.com or via telephone on 029 2082 9100 for a free initial chat to see how we can help you.
To speak to one of our experts today, please contact us on 02920 829 100 or by using our Contact Us form for a free initial chat to see how we can help.
