Is that not a requirement??? I thought you had to specify a director when you register at companies house
No UK-based director it looks like?
Before all the Reform/UKIP/BXP heads bounce in talking about British values and the rest of it.
I would think this looks like a matter of governance and oversight (the lack thereof, I mean), rather than nationality.
I’ve only ever known one director. They were one of the most unpleasant and corrupt individuals I’ve met. They were from the UK.
However what they are doing is unlikely to be considered “fraud” I.e. over paying and giving contracts to mates.
Just FYI This doesn’t necessarily mean that they are foreign. They just live abroad.
needs further analysis, for example breakdown by where the directors live, e.g. how many are in the Bahamas etc
As someone who works in commercial finance, when looking at a company with no UK based directors it does raise a red flag and raises questions.
There are legitimate reasons in some cases, like for example a UK company trades as part of a larger group of companies that are headquartered outside of the UK and then the directors are sometimes not UK based; however in these occasions a sensible company would appoint a UK based director to act as an authorised signatory for easy accessibility.
It’s often when it’s a company with no UK directors, where the directors are based in countries often linked to high levels of corruption or countries that deal with countries with sanctions like Russia, so they use these as routes to get around trade embargoes.
This is why lenders do enhanced Anti Money Laundering checks on any persons where they have more than 25% of the shareholding.
7 comments
Is that not a requirement??? I thought you had to specify a director when you register at companies house
No UK-based director it looks like?
Before all the Reform/UKIP/BXP heads bounce in talking about British values and the rest of it.
I would think this looks like a matter of governance and oversight (the lack thereof, I mean), rather than nationality.
I’ve only ever known one director. They were one of the most unpleasant and corrupt individuals I’ve met. They were from the UK.
However what they are doing is unlikely to be considered “fraud” I.e. over paying and giving contracts to mates.
Just FYI This doesn’t necessarily mean that they are foreign. They just live abroad.
needs further analysis, for example breakdown by where the directors live, e.g. how many are in the Bahamas etc
As someone who works in commercial finance, when looking at a company with no UK based directors it does raise a red flag and raises questions.
There are legitimate reasons in some cases, like for example a UK company trades as part of a larger group of companies that are headquartered outside of the UK and then the directors are sometimes not UK based; however in these occasions a sensible company would appoint a UK based director to act as an authorised signatory for easy accessibility.
It’s often when it’s a company with no UK directors, where the directors are based in countries often linked to high levels of corruption or countries that deal with countries with sanctions like Russia, so they use these as routes to get around trade embargoes.
This is why lenders do enhanced Anti Money Laundering checks on any persons where they have more than 25% of the shareholding.
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