Who owns a company? Changes to beneficial ownership
The UK Government has proposed changes to companies in respect of their beneficial owners (those who own or control greater than a 25% share in a company) in a bid to encourage transparency and responsibility within a company. The proposals are the result of concerns that no one is truly aware of who is behind a company.
The proposals are to make certain personal details of beneficial owners public. Such information shall be kept on a central register at Companies House however, companies shall also be required to maintain a copy of this information for their own records. The personal details to be held on the register shall be similar to that which is held on directors; full name, date of birth, nationality, country and residential address as well as information pertaining to the date the interest was acquired, what the interest is and how it is held.
The UK Government appreciates however that there are a number of practical considerations which shall be addressed in due course.
If you are a beneficial owner and would like further information on these proposals or are considering incorporating a company and wish to seek general advice, please contact Kirstin Ejsmont or call on 01224 632 464.