Goodwille, a UK market entry and corporate governance services specialist, is warning overseas directors of UK companies about an upcoming deadline for mandatory identity verification. The Economic Crime and Corporate Transparency Act 2023 requires all UK company directors and Persons of Significant Control (PSCs) to complete identity verification with Companies House by November.

Consequences of Non-Compliance

Missing this deadline can result in serious consequences, including possible fines and director disqualification. It can also lead to the dissolution of the company itself. Goodwille is urging all directors and PSCs of UK companies to ensure they are compliant with the regulations.

Goodwille, as a registered Authorised Corporate Service Provider (ACSP), can verify the identity of individuals and support the process on behalf of directors and PSCs worldwide. The company also provides comprehensive company secretarial services to manage ongoing compliance, including statutory registers and confirmation statements.

Understanding Director Responsibilities

Many foreign executives assume formal director roles in UK subsidiaries without understanding their responsibilities under UK law. Goodwille’s Directors Training program is designed to address this issue, covering director responsibilities, UK regulatory expectations, board governance, and how UK requirements differ from other international frameworks.

Original reporting: KTBS 3 (Shreveport) — read the source article.