If you run a small business in the UK—or you’re thinking about starting one—you’ll know that staying on top of legal and regulatory changes isn’t always the most exciting part of the job. But every so often, changes come along that you really need to pay attention to.
Over the coming months, Companies House is introducing a number of important updates that will affect every UK-registered business, no matter the size or sector. These changes are part of the Economic Crime and Corporate Transparency Act 2023, and they’re designed to increase corporate transparency and tackle misuse of the UK company register.
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If you are in a rush, take a glance at all the changes planned to take force over the coming year, here: https://changestoukcompanylaw.campaign.gov.uk/changes-at-a-glance/
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Here are some of the key changes you need to know:
Changes to Company Registers
Currently, every company is required to hold and maintain statutory registers with information on directors, secretaries, PSCs (people with significant control), and more.
Under the new rules, you’ll no longer need to maintain internal registers of:
- Directors
- Directors’ residential addresses
- Secretaries
- PSCs
However, you will still be required to register this information with Companies House and ensure it’s kept up to date. These changes are expected to take effect in autumn.
Removal of the Central Register Option
If your company currently elects to hold officer information (like directors) on the central register at Companies House, that option will be removed. You’ll no longer be able to rely on Companies House as your official register for this information.
Companies using the central register will be informed when this change takes effect—but it’s another reason to ensure your own record-keeping is in good shape.
Requirement to Maintain a Register of Shareholders (Members)
While some internal registers are being scrapped, companies will still be legally required to hold a register of shareholders (also known as members). This must be kept at either:
- The company’s registered office, or
- A Single Alternative Inspection Location (SAIL)
If your company previously kept this information on the central register, you’ll now need to:
- Create and maintain your own register of members
- Clearly state in the register that member information was previously held on the central register
- Ensure it is available for public inspection upon request
At G&G Worldwide, we’ll continue to keep you informed as these changes roll out. The key takeaway? Don’t wait until the last minute—understanding your legal responsibilities now can save you serious stress down the line.
For related guidance, see Why Compliance Is Important for Small Businesses in the UK: A Guide for SMEs, Zero-Hour Contracts – Pros and Cons for Employers and Employees, and Verbal Agreements Legally Binding: Know the Risks.
