Don’t be caught out by identity rules
Telford companies are being urged to update themselves on new identity verification rules due to be introduced later this year.
Shropshire Chamber of Commerce has warned that legal requirements for directors and people with significant control of companies will change from November 18 this year.
Chamber chief executive Ruth Ross said the new criteria was being introduced by Companies House over the next 12 months to make things simpler for companies and business owners.
“This is good news for anyone in business as it will introduce stricter protection levels over company data which in today’s world of ever-increasing cyber crime can only be a positive step.
“We would urge all company owners and directors to take action as soon as possible after the deadline is introduced to ensure they are able to meet the new requirements and that they comply with the new rules.”
Ruth said from November, new directors would need to verify their identity to incorporate a company or to be appointed to an existing company.
“In addition, existing directors will need to verify their identity when they file their next annual confirmation statement during the 12-month transition period.
“And existing people with significant control of a company will be required to verify their identity on an appointed day within a year after the guidelines begin.”
Ruth said the new rules would provide more assurance for everyone about who is setting up, running, and controlling companies in the UK.
“The move will mean companies of all sizes will be able to access more accurate and trustworthy data from the Companies House register, as well as providing more protection against corporate fraud.”
Business owners should only need to verify their identity once and that can be done through Gov.UK One Login – which is free and can be completed quickly online – or through an Authorised Corporate Service Provider.
“When verification is completed, each person will receive an individual code from Companies House which they will need to provide alongside a verification statement for reach company role that they hold,” said Ruth.
“Companies House will contact companies individually to tell them what their directors and PSCs need to do to meet the new requirements, but we would urge anyone affected to verify their identities as early as possible after the November deadline.”
Companies House estimates that between six and seven million individuals will be affected, with more than 300,000 people already signed up during the current voluntary period which started in April.
