Introduction of new norms for UK companies starting from march 4, 2024

In October 2023, the Economic Crime and Corporate Transparency Act was passed in the United Kingdom. The first changes in accordance with this Act will come into effect from March 4, 2024.

The main changes that UK company owners should pay attention to are:

1. Registered office of the company: From March 4, 2024, companies and partnerships will no longer be able to use a mailbox as the address of their registered office. Any organization using a mailbox address must change it to a “suitable address” by the specified date. A suitable address is one where correspondence can be expected to reach the right person and mail can be sent with proof of receipt. Such an address can also be the address of a registration agent. Companies that do not have a suitable address by March 4, 2024, may be excluded from the register.

2. Registered email address: From the same date, all companies will be required to provide the Registrar with a registered email address. New companies will need to provide an email address upon registration. The absence of a registered email address will be considered a violation, although this email address will not be publicly available.

3. Declaration of lawful purpose: All registered companies, including new and existing ones, must act lawfully. To confirm the legality of the company’s purpose of existence, a relevant statement must be submitted.

Considering these changes, company owners should take immediate action to avoid potential issues in the future.

Full text of the law you can find via this link.

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