02 Feb New rules for EEA companies at Companies House from New Year’s Day
Now that the UK has left the European Union (EU), and the transition period after Brexit comes to an end this year, the UK will no longer be part of the European Economic Area (EEA) after the exit day on 31 December 2020. As a result, from 1 January 2021, Companies House will require EEA companies to file additional information about their companies with the Registrar.
EEA companies will simply become companies incorporated outside the UK and firms with a UK establishment will have to report the same information as other overseas companies. The changes in filing requirements will apply to EEA companies registered with Companies House in accordance with the Overseas Companies Regulations and to bring these into line with the filing requirements of non-EEA companies. The changes will take effect after 31 December 2020.
What additional information is expected to be provided by EEA companies?
The additional information Companies House expects from EEA companies who have already registered a branch in the UK include:
- information on the law under which the given company is incorporated.
- the address of its principal place of business or registered office.
EEA companies will also be asked to outline the company’s purpose (its ‘objects’), and the amount of share capital issued. If the EEA company is required to prepare and disclose accounts under their parent law, the accounting period and period of disclosure must also be provided. These requirements will also apply to every company that is incorporated outside of the United Kingdom and wishes to open a UK establishment, including those from the EEA.
Information that needs to be published on public facing material
In addition to the above requirements, EEA companies will be required to publish particular information on their websites, letterheads and other material available to the general public and clients. Such information should include:
- the location of the given company’s head office.
- the legal form of the company.
- its limited liability status.
- and if applicable, notice that the company is being wound up, or is subject to insolvency or any other related proceedings.
- and for companies that choose to refer to their share capital on order forms etc. they must do this by reference to paid up capital.
The new requirements arise from the Companies, Limited Liability Partnerships and Partnerships (Amendment etc.) (EU Exit) Regulations 2019. UK companies who employ an EEA corporate officer (director or secretary), will also be required to provide details of the legal form and the governing law of the EEA corporate officer to Companies House. Companies affected will have three months after the exit day to provide Companies House with additional information by filing an amended OSCH02 form to update the EEA company’s details. Companies House has advised that the relevant updated forms will be available electronically from exit day.
How Elemental can help
We understand that additional disclosure of information and filing requirements can bring further concern on you during this COVID-19 pandemic. We can help relieve the burden and assist you to be compliant with the new filing requirements while you focus on the day to day activities of your core business. Contact us and see how we can help.