Companies House - registry reform & increasing transparency

AAT this month submitted its response to the current Companies House & BEIS consultation on corporate transparency and register reform.

AAT supports efforts to increase transparency and accuracy of information within the business community but any improvements in transparency and accuracy must be balanced against any unnecessary increases in administrative and other burdens upon SMEs and micro-entities. This is especially the case for those who provide company formation services, accounts submissions and other activities related to Companies House.

Our response makes clear that the Government should both mandate ID verification for directors and require that verification takes place before a person can validly be appointed as a director. It also sets out that we agree that company records should be kept on the register for 20 years from the company’s dissolution.

Finally, AAT also believes that identifying and reporting the number of company directorships held by an individual is insufficient and that a cap should be introduced. This is standard practice in many other countries and AAT believes a cap of 15 would be acceptable.

AAT's response can be viewed in full here.