If you are to register a company this year, it is important to be well-informed on the criteria that you must satisfy to do so

What form do the new checks take?

Companies House confirmed on 5th December last year that it would introduce new checks to determine whether applications to register certain types of corporate body contravene UN financial sanctions.

Governments impose financial sanctions as part of their efforts to prevent terrorism and discourage other activities condemned by the international community. Such sanctions focus on restricting or limiting the financial activity of a sanctioned person or entity.

In the UK, the Office of Financial Sanctions Implementation maintains two lists outlining details of the individuals and entities that have had financial sanctions imposed upon them in accordance with UK or EU legislation.

Individuals that are subject to such financial sanctions are described as ‘designated persons’.

Tightening the screw on ‘designated persons’

As Companies House has noted, the formation of a corporate body that includes a designated person in its corporate structure would constitute making an economic resource available in contravention of the UK sanctions regime.

In addition, such an occurrence could leave the Registrar of Companies open to prosecution, given its involvement in the registration process.

This is why, since 12th December, Companies House’s policy has been to reject applications to register a UK company, LLP, Scottish limited partnership or societas Europaea if the information about its proposed directors, secretaries, members or people with significant control includes a match to the details of any designated person.

However, unsuccessful applicants are permitted to resubmit their application, accompanied by evidence that the person concerned is not a designated person. Companies House will then use this new information to consider whether to approve the application.

Register a company in 2019 with the assistance of London Registrars

2019 promises to be an exciting and intriguing year for organisations throughout the corporate sphere – and if you are looking to register a company yourself, London Registrars can be your highly professional, efficient and dependable partners.

We would be delighted, for example, to be able to provide you with a registered office address, which is a legal requirement for every company and gives your business a location where official correspondence can be served.

Our registered office service comprises the forwarding of such correspondence, while also giving you the benefit of a more professional-sounding postcode and even protecting your privacy if you are trading from a residential address.

Contact the London Registrars team today for more details of how you can register a company during 2019 with our informed and tailored help.

 

February 2019