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New legislation proposed by Companies House means all directors and PSC’s of a company will have to have their identities electronically verified.
This will apply to all directors and PSC’s of any company being newly incorporated and the incorporation process will not be completed until the identity verifications have been completed.
It will also apply to ALL existing directors & PSC’s currently registered at Companies House.
In theory what is being proposed is that each director/PSC will have to set up an account with Companies House to verify their identities. They will have to upload a photo of their photo ID i.e., upload a photo of a photo driving licence or passport. Companies House software will then verify this information with other government agencies before marking it as a verified document. Once approved, the individual will be marked as having a verified account. This process only has to be done once.
Another option is for the director or PSC to use a third-party agent who is authorised by Companies House to verify identities. We are currently enquiring with Companies House to see if Moore can be registered as a third party agent.
There will be fines for those who don’t verify their identities and it will show on public record that their identities are not verified thus making them look less trustworthy.7
There are no dates yet as to when these changes will be coming in, but we will provide further updates when we know more.
If you have any questions about the above, please contact your local Moore advisor.