Company directors encounter the existence test
Company directors must verify their identities from 18 November. Britain has adopted the controversial business principle that the person controlling a company should occur in the physical universe.
New directors must complete checks before appointment or incorporation. Existing directors and people with significant control follow during a twelve month transition.
GOV.UK One Login checks averaged 2.4 minutes. This is quicker than discovering who owns a company called Absolutely Nobody Holdings.
“Look at the camera and avoid becoming a brass plaque,” said Cassandra Passport Face, registrar of Observable Humans. “Nominee ferrets must attend separately.”
The corporate veil develops eye holes
Companies House says the checks should improve confidence in register data. Directors can no longer submit a photograph of curtains and describe the beneficial owner as discreet.
Most business decision makers supported the change. The Federation of Convenient Silhouettes requested an exemption for executives obscured by a tax efficient cloud.
The phased rollout gives honest firms time to prepare. It gives dishonest firms time to locate the human they claimed was Mr Invoice Seychelles.
The checks will not prove every company behaves well. They merely ensure misconduct begins with somebody whose head fits inside the oval.
One director completed the process in 142 seconds. His dormant companies immediately became self conscious and asked whether existence created filing obligations.
Read the real story: Companies House’s identity verification rollout announcement.
