The Government has published its consultation on corporate transparency and reform. The consultation has 4 main themes being:
1. Knowing who's setting up, managing and controlling companies
2. Improving the accuracy and usability of data
3. Protecting personal information
4. Improving the detection of possible criminal behaviour
It is now very quick and easy to set up a company using one of the numerous on-line company formation companies. Changes are, therefore, long overdue to ensure that the ease with which a person can set up a company is not open to abuse to protect consumers and businesses. What the government will need to ensure is that any changes are balanced and do not create an administrative burden for businesses.
The changes will give us the powers we need to combat economic crime and improve protection for people running businesses, while minimising additional administrative burdens.