Under measures introduced by the Economic Crime and Corporate Transparency Act, company ownership will be more transparent.
When the measures come into force, companies must:
- record the full names of shareholders in their register of members
- tell Companies House the full names of all shareholders and provide a one-off full shareholder list when they file their next confirmation statement
Companies that are exempt from providing people with significant control (PSC) information will also need to give more details about the exemption, including where their shares are traded and on which regulated market.
We will let you know when these measures are coming into force.
There will also be restrictions on the use of corporate directors. Only UK corporate entities with ‘legal personality’ can be appointed as corporate directors. The directors of these corporate directors must be natural persons and must verify their identity. Find out more about the restrictions on corporate directors.