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Transparency - UK company ownership

  • alanrutland
  • Aug 9, 2024
  • 1 min read

Updated: Aug 28, 2024



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The Economic Crime and Corporate Transparency Act will introduce new measures to increase transparency around company ownership. Once the measures take effect, companies will be required to:

  • Record the full names of individual shareholders, corporate members, and firms in their shareholder registers.

  • Provide Companies House with a complete list of shareholders so the information can be displayed in a more user-friendly way.

Additionally, Companies House will:

  • Collect and display more details from companies claiming exemptions from providing information on persons with significant control (PSCs), including the reason for the exemption.

  • Collect and display the conditions that allow a relevant legal entity (RLE) to be recorded as a PSC.

The new law will also restrict the use of corporate directors. Only UK corporate entities with 'legal personality' can be appointed as corporate directors, and the directors of these corporate entities must be natural persons who have verified their identities.




 
 
 

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