Directors will be unable to be appointed until their identity has been verified
The UK’s register of company information will be reformed to clamp down on fraud and money laundering, the government has announced.
Under the plans, directors will not be able to be appointed until their identity has been verified by Companies House.
It is believe to benefit potential suppliers and partners when exchanging business along with improving the ability of law enforcement agencies to trace their activity for suspected fraud or money laundering.
It is not expected that these additional checks will affect the timescale it takes to form a new limited company.