Changes to incorporation and registration fees were recently announced by the
Office of the Regulator of Community Interest Companies in May this year, which will affect those wishing to register as a Community Interest Company (CIC).
The fees that come with
creating a new business have been
increased, the first increase of its kind since 2016.
All services offered by Companies House saw an increase in fees including
incorporation, name changes, submission of confirmation statements, company re-registration, and others.
These changes came into effect at the beginning of May 2024.
Why the Change?
The reason Companies House have raised their fees is to cover the additional costs of new powers granted by the
Economic Crime and Corporate Transparency Act.
These new powers will allow Companies House to:
They do stress that these fee increases are not for profit, but to cover the cost of the new services to be delivered, such as enhanced investigation and enforcement activities.
What this can mean for New and Existing Businesses?
Increased fees and filing requirements could well add to the burden of complying with the new changes, especially for smaller businesses; so, managing deadlines, penalties, and future requirements of the Act could require additional time and resources.
Organisations will also need to recognise and consider the new fees for incorporating, filing annual reports, and meeting other regulatory requirements; and while paper filings are becoming more expensive, companies could consider filing their records digitally to stay cost-effective.
More
information is available at the UK Government
website.