From November 18, Isle of Man Authorised Corporate Services Providers will have to comply with new standards set by Companies House in the UK.
Directors and people with significant control must verify their identity for Companies House filings.
While the changes are being rolled over 12 months to make things simpler for companies and business owners, it still means an additional compliance challenge for ACSP businesses here on the Island.
ID standards
Tiller Technologies is enabling businesses to use the latest technology to find a fully compliant, efficient and cost-effective answer to this challenge.
Its Verify by Tiller solution is available to all offshore regulated businesses and designed to adapt as the regulatory landscape evolves.
Jonathan Wauton, Co-Founder and CEO of Tiller Technologies, said: “Working with lots of local CSP’s we understand why this reform is a major shift in UK company law because it changes how companies are formed, governed, and monitored.
“For Isle of Man businesses in the CSP sector it means Companies House now requires even higher levels of transparency by making it clear to the regulator, investors and consumers that the identity of directors has been verified.
“While it does add an additional level of responsibility regarding compliance, it also creates an opportunity for forward-thinking businesses that see the advantages of investing in gold standard technology solutions.
“This is because more than ever before, fully compliant ID verification will be essential to give confidence to investors and consumers. So, investing in the best possible technology to ensure compliance will show a return on that investment in the long term.”
