New procedure for the UK company formation

New procedure for the UK company formation

Companies House promise to adopt digital identity verification process for new UK companies formations. The change is a result of the government’s 2019 consultation on Corporate Transparency and Register Reform.

Companies House promised to keep the burden on business as low as possible and will continue to look for ways to make incorporation and access to its services as smooth as they can be. Digital verification will work 24/7.

The Companies House will only appoint directors after successful completion of identity verification.

Main points of the upcoming reform are the following:

  • Compulsory identity verification to be introduced to help trace people who are committing fraud or money laundering
  • Companies House will accept more powers to query, investigate and remove false information.
  • Changes will give businesses confidence in who they are doing business with, with greater accuracy of data on the register, without impacting the speed of service.

ORACLE CAPITAL GROUP will provide you with advice and support you need to start a business in the UK.

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