Company Formation Identity Checklist
How ID checks protect everybody
Don’t risk your company! All Formation agents, including all our competitors are legally required to obtain Identification under MLR and KYC legislation.
Your Company Formations is regulated by a number of legal requirements including the London Local Authorities Act 2007 and the Money Laundering and Terrorist Financing (Amendment) Regulations 2019. In addition, we apply Know Your Customer best practice. In essence, all these requirements mean we need to check the ID and addresses of people setting and incorporating up companies through us. This often means checking documents of directors / some shareholders and officers of the company where applicable.
Your Company Formations provides a totally free checking service to help quickly get your documents checked. The good news is that we have made it a very smooth process with most cases being passed very quickly. The vast majority of our customers pass all identity checks without any issues.
We undertake digital checks which use information already available within the company formation order.
A small minority of our clients may not always be eligible for the digital ID assessment, for this reason we have partnered with CREDAS, who provide a leading Mobile App to digitally certify your documents online. This process can be done in a matter of minutes and helps streamline the process.
You’ll receive an email introducing you to the app and suggest suitable documents for verification, for example a current passport plus a recent proof of address. The Credas app verifies the identity document against that of the person presenting the document through the latest biometric data.
Who needs to verify ID?
This can vary from case to case, although we outline the basic requirements below. If we have to request further ID to complete your Company formation, we will always contact you immediately so your Company formation isn’t delayed.
Persons who must supply ID information:
- Any individual purchasing a Company formation package and/or address services and/or specific Company Secretary activities like issuing or transferring shares
- Any Shareholder owning over 25% of either a Company or LLP
- Any person who uses business address services and wishes their mail forwarded.