The Registration Chamber of the United Kingdom (Companies House) will be reformed
The Registration Chamber of the United Kingdom (Companies House) will be reformed in order to prevent fraud and money laundering, and directors will not be appointed until their identity is verified.
The UK has been a global hub for international business for decades. Registering a company in the UK is a fast, cheap and simple procedure that requires a minimum of time and documents. This has made British companies so popular that they are now found in the structures of most international groups.
Now Britain is facing the downside of its popularity, because it is British companies that have become involved in many scandalous cases related to money laundering and fraud. This situation required the British authorities to take appropriate measures, which was the reason for the planned reform of the UK corporate registry.
So, on September 18, 2020, an official press release of the planned reform was published on the official website of the Registration Chamber of Great Britain (Companies House). In order for international partners doing business with British companies to have the opportunity to more thoroughly check their British counterparties and customers (and be sure of their reliability), a set of measures will be taken, which can be divided into two groups:
1) Mandatory identity verification will be introduced to help find people who commit fraud or money laundering.2) The Registration Chamber (Companies House) will be given greater powers to identify, investigate and remove false information.
According to the published plans, directors of British companies will no longer be able to be appointed until their identity is confirmed by the Registration Chamber. Identity verification will take place quickly, efficiently in digital format and is expected to take a few minutes.
All changes will be aimed at improving the reliability of the data contained in the UK corporate register. In particular, data showing who is really behind each company will be checked, so that enterprises have greater confidence when concluding deals with British companies.
Regardless of whether you are the current owner or director of a British company, or just planning to become one, Antwort Law specialists will be happy to provide full legal and tax support. Antwort Law provides comprehensive support for international business projects - from the planning stage to their immediate implementation.