Companies House marks a decade of data

Companies House commemorates a significant milestone as it marks ten years since the introduction of the revolutionary Find and update company information service on GOV.UK. This initiative was launched with the aim of providing free access to public digital data on the UK companies register, significantly improving corporate transparency and allowing entrepreneurs to harness the information creatively. The demand for Companies House data has skyrocketed, with access jumping from 1.3 billion requests for free data in 2015 to over 16.5 billion by 2023, reflecting tenfold growth in users.

This pivotal service offers invaluable resources not only to businesses but also to investors, creditors, researchers, civil society, and law enforcement. Charlie Boundy, the Chief Data Officer at Companies House, remarked that “in 2015 we broke new ground for corporate registers with our commitment to open data. Ten years later that bold decision has led to Companies House supporting 16 billion searches a year, underpinning millions of pounds of everyday financial decisions and our data being valued by industry at £1 billion to £3 billion annually.”

The positive implications of open data extend to enhancing accountability and thereby combating financial crime, empowering businesses by allowing them to verify both their customers and their own integrity. Competition and Markets Minister Justin Madders stated that “over the last 10 years increased transparency from Companies House has empowered businesses big and small, helping level the playing field and improving confidence in our economy.”

Meanwhile, Ben Cowdock, Senior Investigations Lead at Transparency International, highlighted the global standard set by Companies House, saying that “for 10 years, the online platform at Companies House has delivered world-leading corporate transparency, setting an example for the best way to make company information available to the public.”

Steve Lamb, Chief Operating Officer at Kyckr, further praised the open data initiative as “a profound leap forward for corporate transparency in the UK,” indicating that it has “democratised access to one of the world’s most important datasets.” As the UK maintains its stature as an international financial hub, the precedent set by Companies House continues to be celebrated and appreciated widely.

Looking ahead, Companies House is enhancing the integrity of the data on its register through reforms under the Economic Crime and Corporate Transparency Act. These reforms are anticipated to bolster the value of company register information by an additional £210 million to £400 million, particularly due to new mandatory identity verification measures for company directors set to roll out this autumn. The extensive benefits of Companies House data have significant implications for anti-money laundering efforts as well.