UK Company Law is changing. Following the introduction of the Economic Crime and Corporate Transparency Act in October 2023, a number of changes will come into force from 4^th March 2024. Of these changes, the most notable include new requirements for both a statement of lawful purpose and a registered email address for companies, as well as new rules regarding registered office addresses.

Indeed, from March 2024, those incorporating a company will need to submit a statement of lawful purpose and Companies House will no longer accept applications without them. This means that individuals will need to confirm that they are setting up the company for a legal reason. This is unlikely to drastically affect the vast majority of individuals setting up companies, other than requiring them to appreciate the need to confirm this when setting up a new company. Nonetheless, the online portal on Companies House, which is regularly used to incorporate companies, will offer prompts to enable individuals to do so and prevent them from missing it.

Another introduction will be the requirement that all companies have a registered email address. This is intended to allow Companies House to easily get in touch with companies. Like other company details, it will be possible to change this email address. If you are setting up a new company, you will need to set out an email address on incorporation. For pre-existing companies, a registered email address will need to be provided on filing of their next confirmation statement, following 5^th March 2024.

Finally, there will be new rules in relation to registered office addresses. These will tighten the law on such registered addresses, making it a requirement that any addresses used will ensure that documents sent to the address will be brought to the attention of a representative of the company. The result of this, therefore, is that PO Boxes, for example, will not be able to be used as registered offices addresses. Individuals will need to ensure that if they are currently using a PO Box for their registered office address, that this is changed by 4^th March 2024. If they fail to do so, they risk having their company struck off the register.

At George Green LLP, we can advise on the impacts of these changes. For precise and tailored guidance on the Economic Crime and Corporate Transparency Act, or generally in relation to any other corporate matter, please call Sarah Ward, a Partner in our Corporate Team, on 01384 340 596 or e-mail Sarah at sward@georgegreen.co.uk.