30 Oct Companies House Strategy 2020 – 2025
Following the recently published government response to the consultation on enhancing the role of Companies House and transparency of UK corporate entities, Companies House has published its strategy for the next five years. Below, Elemental summarises the strategy and highlights key challenges.
The reasons for Companies House
The strategy document begins by providing a reminder of why the work of Companies House is so important. Its core functions underpin entrepreneurship and business growth in the UK and the register underpins confidence in business.
The strategy includes a reminder that the obligations placed on businesses exist as a quid pro quo for limited liability status. The role of Companies House in the ongoing fight against corrupt business practices and economic crime is also highlighted.
Companies House Vision
The vision of Companies House is:
“To be the most innovative, open and trusted registry in the world – with brilliant services delivered by brilliant people.”
This is supported by six goals which are:
- Companies House registers and data inspire trust and confidence
- Companies House maximises the value of its registers to the UK economy
- To combat economic crime through active use of analysis and intelligence
- Provide brilliant services to give a great user experience
- The Companies House culture enables its brilliant people to flourish and drive high performance
- To deliver value through efficient use of resources
The strategy document covers a number of areas including: registers (discussed further below), customers and services, people, finance and environmental activity.
Companies House acknowledge that the data contained in its registers can be open to abuse and has undertaken to ensure that its data is trustworthy and fit for purpose.
Companies House intends to strengthen the end to end process for obtaining, handling and checking data to limit potential misuse. It will utilise artificial intelligence and machine learning to identify errors in the data submitted to it and seek powers to amend inaccuracies.
The government’s intention to provide Companies House with the power to verify information provided to it is welcomed and will form a major part of this undertaking.
Companies House Business Plan
Companies House will publish business plans each year to provide greater detail as to how it will achieve its strategy. The 2020-2021 business plan details the areas that Companies House will focus on during this year. Unsurprisingly, there is a focus on maintaining its statutory duties amidst the COVID-19 pandemic however there is also a goal included to replace legacy digital services.
Initial steps will be taken to eliminate paper output which will be welcomed by many. This is appropriately partnered with an undertaking to transform and enhance digital services.
To tackle economic crime, Companies House will improve data and verification and develop data tools and analytics.
Following the publication of the government’s response and the ongoing impact of the pandemic, 2020-2021 feels important for the registrar and an appropriate time to set the course for the next 5 years.
How Elemental can help
We believe that company secretarial and compliance matters. The Companies House strategy shows how important they are and how much is likely to be changing over the next few years. For more information on our company secretarial services or to speak to one of our experts, please get in touch.