The United Kingdom wants to make a list of beneficiary owners open

01.11.2013

The list of beneficiary owners of companies in the United Kingdom became open since November, 1 2013. Forum Open Government Partnership took place on October, 31 2013 and prime-minister of the UK David Cameron made an acknowledgment that the novelty will influence positively on business development.

It shall be noted that previously you had to download the data form for interesting company from the official website of English companies’ register and pay for it 1 pound of sterling for each form. Now the free access makes business transparent, prevent fraud and deception. Also information of the former directors of companies will be available.

Based on: http://www.companieshouse.gov.uk/index.shtml

Expert’s opinion

The United Kingdom deserved a status of progressive state. Information in the Register of Companies in the UK is open online to anyone and it is available to know the current status of company, registered number, legal address and status of financial report: was it submitted and when?

This kind of information is always checked not only by contractors but also banking institutions. In case you have accounting operations and submitted dormant account in the Register of Companies, there is a possibility to be “surprised” by a blocked account.

Now it is an era of transparency when every state intends to disclose information related to any businessman to control all his tax reports and tax revenues.

The UK struggled for introduction of open information in the Register of beneficiary owners a long time ago. There are still no changes on the official website, but they can appear soon.

Irina Lomakina ( Director of Moscow office of “Honest&Bright” Company)