Written question asked by Scott Benton (Independent (affiliation)) on Friday, 16 February 2024, in the House of Commons. It was due for an answer on Tuesday, 20 February 2024. It was answered by Kevin Hollinrake (Conservative) on Monday, 26 February 2024 on behalf of the Department for Business and Trade.

Companies: Disclosure of Information

Question: To ask the Secretary of State for Business and Trade, whether she is taking steps to enhance due diligence procedures for individuals establishing limited companies.

Answer: The Government is taking action to enhance checks conducted on individuals establishing limited companies. The Economic Crime and Corporate Transparency Act 2023 received Royal Assent on 26 October 2023 and the majority of new powers will come into force in March 2024. Companies House will have enhanced abilities to protect the integrity of the register. This will include powers to query suspected fraudulent incorporations and require further evidence. During 2025, compulsory identity verification checks will be implemented for directors (and equivalents), persons with significant control and those filing information with Companies House before they can transact with the Registrar.

Secondary information