The law and regulations content-check

The regulations we abide by are the Money Laundering and Terrorist Financing Regulations 2019, the London Local Authorities Act 2007, along with the guidelines of Know Your Customer (KYC). Furthermore, Formationshunt is required to verify the ID of each customer and the shareholders of our customers and officers in places they meet the significant pre-determined norms.

How is this going to affect the clients?

We would like to clarify that the vast majority of our consumers are not impacted by the given verification process under any circumstance. The significant reason behind that is, that the process is fully automated and executed electronically with an approximately 90% of success rate. The information provided by customers while filling up the order form tends to be more than sufficient.

In case the automated verification process fails to succeed

In case a customer ends up not being eligible for the automated verification process, then Formationshunt uses the platform of SmartSearch to complete the approach of ID checks. The customer, who might have been not eligible for the ID checking will be sent an email from our end. In the email, Formationshunt will ask you for all the additional information that the company requires to obtain for the completion of the process. The customer will be offered a choice of either uploading the documents on the application or sending them directly to Formationshunt.

Who is required to supply ID

After sending you an email, Formationshunt will also provide the officers names whose details the company may require. Individuals whose ID and address we are legally required to verify are as follows-

• Any individual who buys a package of company formation.
• Anyone using the address service or the secretariat service of the organization.
• Shareholders, known to have over 25% of a given enterprise or LLP.
• Every director of a company that might have been established by us or have placed an order with Formationshunt.

The documents that we will need

Formationshunt will like to gladly announce that no documents will be required in case the automated verification process ends up being successful. However, in case the company needs to search with the SmartSearch app, then the following documents will be needed-

• For ID
  • A passport or an ID card, given that the same is recognized by SmartSearch
  • Driving license
• For verifying proof of address
  • Utility bills including gas, water, or electric bill for the past 3 months
  • The council tax bill for the present taxable year or the statement of the mortgage from a verified lender that has been issued within the last 12 months
  • Or the statement of a recognized bank, building society, or credit or debit cards issued in no less than the last 3 months
  • Or the HMRC self-assessment or demand letter of tax

Additional fees

We would like to clarify that there will be no extra charges if it’s possible to complete the verification steps by uploading the relevant documents. However, in cases where the implementation of the SmartSearch and its facial recognition feature becomes necessary, we will charge an additional fee of 12 pounds+ the applicable VAT, and the deducted amount is not refundable.