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The government has launched a consultation on the most significant reform of Companies House since its establishment in 1844.
The consultation, which is open until 5 August 2019, aims to strengthen the role of Companies House in supporting UK efforts to combat economic crime whilst maintaining the UK's reputation as the best place to start and grow a business.
A number of reforms are envisaged including:
Third party agents acting for companies are already required by the Money Laundering Regulations to carry out customer due diligence checks on their customers, which includes verifying their identity. The government is not proposing to duplicate these checks and is likely to focus its attention on incorporations and filings from individuals and those not supervised by official money laundering bodies.
Louise Smyth, Chief Executive of Companies House, said:
'This package of reforms represents a significant milestone for Companies House, as they will enable us to play a greater part in tackling economic crime, protecting directors from identity theft and fraud and improving the accuracy of the register.'
For more information on how this might affect your business, please contact:
Tel: +44 (0)7587 031073