New identity verification rules for directors and owners of UK

[yngmind]

The UK has introduced new laws under the Economic Crime and Corporate Transparency Act 2023, requiring identity verification for individuals involved in company formation. Starting from March 4, 2024, all directors, owners, and significant controllers must verify their identities at Companies House. This aims to enhance corporate transparency and prevent misuse of companies for illegal activities. New companies must complete this verification during incorporation, while existing companies will have a transition period to comply[1][2][3].

Sources

[1] Changes to UK Company Law - What You Need To Know Changes to UK company law - what you need to know

[2] New identity verification rules for directors and owners of UK ... - Cripps New identity verification rules for directors and owners of UK registered companies

[3] What's new with Companies House? Updates and reforms in 2024 What’s new with Companies House? Updates and reforms in 2024 | Apr - 2024 | A&L Goodbody

[4] Corporate Law Update: 18 - 24 May 2024 - Macfarlanes Corporate Law Update: 18 - 24 May 2024 - Macfarlanes

[5] Get ready for changes to UK company law Get ready for changes to UK company law – Companies House

[6] Changes to UK company law Changes to UK company law

[7] Companies House - GOV.UK Companies House

[8] Companies House changes 2024 - Stone King Companies House changes 2024


I remember back in the day, it was possible to register a UK company with some registered agents without completing any extra verifications as they would only ask you for your passport scan, and that's it. Is it still working with some agents, or is it not possible anymore?

My friend even had to notarize his passport to open a UK company.

 

[DynastyCorp]

I don’t know about new companies. But I purchased a shelf company and I needed to sent a copy of my passport, a photo of myself holding the passport and a document showing my address like a utility bill.

 

[yngmind]

I don’t know about new companies. But I purchased a shelf company and I needed to sent a copy of my passport, a photo of myself holding the passport and a document showing my address like a utility bill.

Thank you for your reply.

Did you have to complete the face test, like some kind of application that scans your face, and asks you to turn your hear left/right, closer/further?

 

[wellington]

The UK has introduced new laws under the Economic Crime and Corporate Transparency Act 2023, requiring identity verification for individuals involved in company formation. Starting from March 4, 2024, all directors, owners, and significant controllers must verify their identities at Companies House. This aims to enhance corporate transparency and prevent misuse of companies for illegal activities. New companies must complete this verification during incorporation, while existing companies will have a transition period to comply[1][2][3].

Sources

[1] Changes to UK Company Law - What You Need To Know Changes to UK company law - what you need to know

[2] New identity verification rules for directors and owners of UK ... - Cripps New identity verification rules for directors and owners of UK registered companies

[3] What's new with Companies House? Updates and reforms in 2024 What’s new with Companies House? Updates and reforms in 2024 | Apr - 2024 | A&L Goodbody

[4] Corporate Law Update: 18 - 24 May 2024 - Macfarlanes Corporate Law Update: 18 - 24 May 2024 - Macfarlanes

[5] Get ready for changes to UK company law Get ready for changes to UK company law – Companies House

[6] Changes to UK company law Changes to UK company law

[7] Companies House - GOV.UK Companies House

[8] Companies House changes 2024 - Stone King Companies House changes 2024


I remember back in the day, it was possible to register a UK company with some registered agents without completing any extra verifications as they would only ask you for your passport scan, and that's it. Is it still working with some agents, or is it not possible anymore?

My friend even had to notarize his passport to open a UK company.

To be fair it is about time

Up until a few years ago you could register a company within 20 minutes for under 20 quid

Problem for the past 5 yrs has been tonnes of MLM / Ponzi schemes

They set up take their loot and run

 

[diro]

Had to make video verification with 3 different company formation services in the UK I found on google.

Time is over for mickey mouse LTD's with an houdini effect

 

[yngmind]

Had to make video verification with 3 different company formation services in the UK I found on google.

Time is over for mickey mouse LTD's with an houdini effect

I’m planning to test a provider soon that has never required any video verifications.

I still believe it depends on the provider, as it always has.

I remember being frustrated with 1st Formations 2-3 years ago because of their KYC process and verification requirements, to the point where I asked for a refund.

 

[diatessaron]

As if this is going to stop anything, does the UK government have any idea how many people are willing to sell their identity for 100 pound?

 

[yngmind]

As if this is going to stop anything, does the UK government have any idea how many people are willing to sell their identity for 100 pound?

It will reduce the number of such sus companies, but the people who want to register such companies will find a way, that's for sure.

 

[Houdini]

and back we are to the all discussed homeless or poor guys not knowing what they sell their identity for. Well discussed already in the mentor group forums.

 

[wellington]

I’m planning to test a provider soon that has never required any video verifications.

I still believe it depends on the provider, as it always has.

I remember being frustrated with 1st Formations 2-3 years ago because of their KYC process and verification requirements, to the point where I asked for a refund.

I had a similar one in the UK that when you tried to pay them Wise had them blacklisted lol but still they wanted my ID authenticated and shipped to the UK and later played funny games when trying to transfer the company to another agent

and back we are to the all discussed homeless or poor guys not knowing what they sell their identity for. Well discussed already in the mentor group forums.

For sure - find a meth head on the street and you have your Boris lol

 

[JohnnyDoe]

I don’t know about new companies. But I purchased a shelf company and I needed to sent a copy of my passport, a photo of myself holding the passport and a document showing my address like a utility bill.

Not a problem that can’t be solved with basic tricks.

 

[yngmind]

I don’t know about new companies. But I purchased a shelf company and I needed to sent a copy of my passport, a photo of myself holding the passport and a document showing my address like a utility bill.

By email, or by post?

 

[fighthorse]

I don’t know about new companies. But I purchased a shelf company and I needed to sent a copy of my passport, a photo of myself holding the passport and a document showing my address like a utility bill.

That one is easy to solved.

 

[mud]

I think you'll probably find they follow the Australian model that 's been in place a few years now.

The legislation looks similar to Australia at least for now.

The UK has introduced new laws under the Economic Crime and Corporate Transparency Act 2023, requiring identity verification for individuals involved in company formation. Starting from March 4, 2024, all directors, owners, and significant controllers must verify their identities at Companies House. This aims to enhance corporate transparency and prevent misuse of companies for illegal activities. New companies must complete this verification during incorporation, while existing companies will have a transition period to comply[1][2][3].

Sources

[1] Changes to UK Company Law - What You Need To Know Changes to UK company law - what you need to know

[2] New identity verification rules for directors and owners of UK ... - Cripps New identity verification rules for directors and owners of UK registered companies

[3] What's new with Companies House? Updates and reforms in 2024 What’s new with Companies House? Updates and reforms in 2024 | Apr - 2024 | A&L Goodbody

[4] Corporate Law Update: 18 - 24 May 2024 - Macfarlanes Corporate Law Update: 18 - 24 May 2024 - Macfarlanes

[5] Get ready for changes to UK company law Get ready for changes to UK company law – Companies House

[6] Changes to UK company law Changes to UK company law

[7] Companies House - GOV.UK Companies House

[8] Companies House changes 2024 - Stone King Companies House changes 2024


I remember back in the day, it was possible to register a UK company with some registered agents without completing any extra verifications as they would only ask you for your passport scan, and that's it. Is it still working with some agents, or is it not possible anymore?

My friend even had to notarize his passport to open a UK company.

 

[aage]

and back we are to the all discussed homeless or poor guys not knowing what they sell their identity for. Well discussed already in the mentor group forums.

Only if you can find the good nominees for this purpose. Have found a valid source finally for it. They are doing everything I say they should do for money.

 

[Houdini]

Only if you can find the good nominees for this purpose. Have found a valid source finally for it. They are doing everything I say they should do for money.

Sounds like another industry where people do anything for money. Are you partnered up with women?

 

[DynastyCorp]

Thank you for your reply.

Did you have to complete the face test, like some kind of application that scans your face, and asks you to turn your hear left/right, closer/further?

No

 

[jafo]

I see the UK woke up and asked themselves: What can we do today to really ruin our UK economy?

 

[Alex Braun]

Credas Digital Due Diligence Checking Service - Digital Marketplace

www.applytosupply.digitalmarketplace.service.gov.uk

Credas App is what they use to comply KYC now

 

[yngmind]

AML solutions for Company Formations Providers - Credas

Credas helps Company Formation Agents quickly and easily conduct CDD and AML checks on their clients using cutting edge IDV technology.

credas.com

Basically there is a list of the providers to avoid, lol