What Russian Entrepreneurs Should Know

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Companies House is introducing wide-ranging changes aimed at improving the way companies are formed and reported in the UK.

The main goal of the reforms is to increase the transparency and accuracy of information in the registers, as well as to strengthen control over the activities of corporations at all stages of their functioning, from the moment of registration to the submission of financial statements. These changes will affect foreign directors and founders of companies, including from Russia and the CIS countries.

Fyodor Pankratov, head of the immigration firm Goldman vietnam telegram database Solutions, spoke about the changes that will affect Russians, as well as the latest trends in business immigration and doing business in the UK.

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Key corporate law reforms
The UK Economic Crime and Corporate Transparency Act introduces significant changes to corporate law. These changes include:

An increase in some fees for registering and running a business , starting from 1 May 2024. Thus, the cost of registering a business will now start from £50 (approximately 6,000 rubles) instead of £12.

Additional checks of the accuracy of information provided by the founders of companies to the UK Companies House. For example, information concerning the identity of the founder, the address of the company director.