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Majority of paper filing to be withdrawn from 2013
Companies House has a vision to become a fully electronic registry.
As part of the journey towards this vision we are today announcing that we expect all incorporations and filings of annual returns, accounts and the main company changes will be digital-only (electronic) by March 2013 for the standard company types which represent over 98% of companies on the register and 92% of all transactions by volume. For the small number of remaining company types and transactions we will continue developing electronic services but a ‘paper’ option for these will remain at the moment. This change is subject to consultation with stakeholders and regulations being passed by Parliament.
Digital transactions have a number of benefits for our customers - lower fees, ease of use, increased “right first time” percentage (re-work rates for electronic transactions are less than one sixth of the rate for paper transactions), increased security and reduced fraud, guaranteed delivery and faster processing. The move to digital accounts will bring the potential for new products which will help the company information market and make it easier for accounts data to be used for analysis, comparisons and benchmarking.
Digital services offer significant cost savings over their paper equivalent. Those savings are passed on in full to our customers through lower fees – the statutory fees for our services are set on the basis of cost recovery. Our customers save 25% for electronic incorporation and 50% for electronic annual returns compared to paper-based transactions. The expected savings to our customers from lower fees will be over £2 million based on current filing patterns.
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