Companies House Reform - Timeline Published — Davidson McDonnell | Corporate Lawyers Belfast, Northern Ireland. Solicitors Belfast.

Identity verification is a major component of the reforms introduced by The Economic Crime and Corporate Transparency Act (2023) (the ‘Act’) and involves significant system development for the more than seven million individuals who will go through these checks. All directors, people with significant control (“PSCs”) and those who file on behalf of companies will need to be verified.

An indicative timetable has now been issued by Companies House detailing when the proposed changes are likely to come into effect:

Timeline: By Spring 2025
Changes: Companies House should be able to:

carry out checks on Authorised Corporate Service Providers (“ACSPs”) to authorise them to carry out verification services – ACSPs will be required to be registered in the UK and be subject to the UK’s anti-money laundering regime;
allow individuals to voluntarily verify their identity; and
receive and assess applications from individuals seeking to have residential addresses suppressed from public disclosure in certain circumstances.

Timeline: By Summer 2025
Changes: Companies House should be able to:

allow access on request to certain trust information on the Register of Overseas Entities.

Timeline: By Autumn 2025
Changes: Companies House should be able to:

make identity verification a compulsory part of incorporation and new appointments for new directors and PSCs; and
begin the 12-month transition phase to require existing directors and PSCs to verify their identity – the identity verification will happen as part of the annual confirmation statement filing.

Timeline: By Spring 2026
Changes: Companies House should be able to:

make identity verification of the presenters a compulsory part of filing any document;
require third party agents filing on behalf of companies to be registered as an ACSP; and
reject documents delivered by disqualified directors as they will be prohibited from doing so, unless they are delivered by an ACSP for specified filings permitted by law.

Timeline: By End 2026
Changes: Companies House should be able to:

require all limited partnerships to submit more information, providing greater transparency for users of the register;
complete the transition period for all individuals on the register requiring identity verification, and start compliance activity against those who have failed to verify their identity; and
facilitate greater cross-checking of information and data between Companies House and other public and private sector bodies.

For further information on the changes and the impact they could have on your business, please get in touch with Aisling Owens, Rowan Gibney or your usual Davidson McDonnell contact.

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