The new powers are a key plank of the Economic Crime and Corporate Transparency Act 2023, which introduced tough new laws to fight corruption, money laundering and fraud.

The penalties will start at £250 for the first offence by companies of a minor nature, rising to £2,000 for repeat offenders, which repeatedly ignore the registration rules.

More serious offences could result in civil action, director disqualification or potentially even criminal prosecution.

Companies House will work to investigate and prosecute offences in partnership with the Insolvency Service and other enforcement partners. If convicted, a director could end up with a criminal record.