Identity Theft and New Ventures

Identity Theft of your Limited Company

Identity Theft of your Limited Company

The UK registry at Companies House provides a useful service for limited companies. In addition to incorporating and dissolving companies they also maintain the national register. This involves the recording and storing of data relating to all UK incorporated companies and LLP’s. Historically most records were updated by the submission of manual forms. This would include the submission of company accounts, change of address forms and forms appointing new company officers as well as many other documents. Whilst this system has served a purpose for many years it is far from secure as signatures are not checked and changes are implemented without further checks.

Identity fraud has increased over recent years, which meant that the previous system at Companies House was open to serious abuse. Companies have found their records have been updated without their knowledge. Individuals can masquerade as company officers, open bank accounts and enter into fraudulent contacts. It has been too easy for too long for businesses to be deceived and for companies to be hijacked

However, Companies House has now introduced some basic protective measures that limited companies in the UK can adopt. Firstly they have introduced ‘WebFiling’. This is an electronic online filing system. It allows companies to make changes to their company details online. Instead of posting forms to Companies House changes can now be made in minutes online. To increase security there are two simple security procedures used. A security ‘authentication code’ is issued for each company and users require a security code to access the software.

The second security improvement is that users can sign up for Companies House ‘PROOF’ service. This means that they will no longer accept manual paper forms to make changes to your company records. This stops the opportunist from simply completing forms and posting them to Companies House. Any paper forms will require further authorisation from existing officers.

Whilst these two points should reduce identity theft companies can also ‘monitor’ their companies filing. This does not literally require daily monitoring of Companies House. For a small fee of £0.50 per annum Companies House will inform you by email every time a document if filed at Companies House for your company. This includes manual and electronic filing. This means that you can double check all changes made to your company without leaving your desk.

These three simple to implement measures should help protect the future identity of your limited company. Not only will you have piece of mind but you will save your company time and money by filing online.

Author Bio
Michael Harris is a university graduate who has worked within the company formation and business advice industry for many years. The SFS Group of Companies provide same day company formation

Article Source: http://www.ArticleGeek.com – Free Website Content

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About Granger Whitelaw

Granger Whitelaw founded the Rocket Racing League along with partner, Peter Diamandis in 2005. See more information at http://www.grangerwhitelaw.com/blog and http://grangerwhitelaw.brandyourself.com View all posts by Granger Whitelaw

3 responses to “Identity Theft and New Ventures

  • Colin Oswald

    Reblogged this on Cash-Flow from Credit Control and commented:
    This is a real problem, company’s are be set up to de-fraud – Long Firming in the term from the East End

  • Krolin

    To have a retreat over your hectic schedule in business and busy life and work in business, is such a cool thing to do literally. It is a good idea to make yourself and your mind cool in some period of time to get away with all the stresses that you have in your business. Of course there is none that does not have a problem with their business because there is no such thing as perfect business. To have a retreat also gives you a better plan and a brief time yet worth time to think.

  • Clark

    This is a real problem everywhere. Good post to share. Identity theft is committed many different ways. Some identity thieves sift through trash bins looking for bank account and credit card statements; other more high-tech methods involve accessing corporate databases to steal lists of customer information.

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