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New identity verification rules for directors and owners of UK

yngmind

yngmind

Mentor Group Lifetime
Apr 26, 2020
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#1
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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.
 
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#2
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.
 
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#3
DynastyCorp said:
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.
Click to expand...
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?
 
#4
yngmind said:
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.
Click to expand...
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
 
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#6
diro said:
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
Click to expand...
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.
 
#9
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.
 
#10
yngmind said:
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.
Click to expand...
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

Houdini said:
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.
Click to expand...
For sure - find a meth head on the street and you have your Boris lol
 
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#14
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.

yngmind said:
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.
Click to expand...
 
#15
Houdini said:
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.
Click to expand...
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.
 
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#16
aage said:
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.
Click to expand...
Sounds like another industry where people do anything for money. Are you partnered up with women?
 
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#20
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