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 who are individuals – or the full names of corporate members and firms – in their registers
- provide a one-off full shareholder list so Companies House can display shareholder information in a more user-friendly way
Companies House will:
- collect and display more information from companies claiming an exemption from providing person with significant control (PSC) details, including the reason for the exemption
- collect and display the conditions which allow a relevant legal entity (RLE) to be recorded as a PSC
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.