Companies House Reforms

Companies House is responsible for registering, making information available, and dissolving limited companies. Ensuring that it is able to effectively maintain accurate information is critical to the UK economy and in upholding public trust and confidence.

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The proposals announced are an effort to tackle fraud. This is likely to now include the Furlough Scheme which was put in place under the coronavirus emergency legislation as a safety net for companies that would struggle to pay their employees’ wages as restrictions were imposed — there are, however, some applicants that were not eligible for the scheme. The proposed plans to reform Companies House are set out below:

Key Proposals

Identity Verification into the filing and incorporation process will be offered by Companies House so that the information can be verified.

Third-Party Agents can be appointed in order to file on behalf of a client.

Further documents and evidence will be required when claiming an exemption from publishing the identity of a person with significant control.

Dissolved Company Records will be made available for 20 years and will allow individuals to request that personal information is protected where appropriate.

Directors' personal information will no longer be required and where a person has changed their name following a gender change this will be permitted.

The Registrar will now have the power to query, pre and post-registration of any filing.

Removing the requirement for companies to keep a register of directors, with the public register becoming the verified source of information on directors.

The reforms are planned to be implemented in 2025 to give Companies House time to deal with legacy data and develop new systems that allow companies to comply with the proposals.