Same day registration returns

UK Companies House has bowed to British Venture Capital Association (BVCA) pressure and reinstalled same day registration service for limited partnerships. The service, which makes it easier to set up private equity funds and other carried interest structures, was stopped in October 2005 by Companies House for cost reasons; it costs just £2 to register a partnership.

Since it was withdrawn, the BVCA’s legal and technical committee, led by SJ Berwin, has lobbied Companies House and the Department of Trade & Industry to get same day registration reinstated. Peter Linthwaite, chief executive of the BVCA, said: “This is a welcome development and will have a positive practical impact for our members and removes an unnecessary impediment to the swift and efficient conduct of business.”

The BVCA has also asked for the introduction of a fax-back search facility so legal advisers can obtain copies of all public documents relating to a limited partnership, required before a closing opinion can be issued, on a same day basis. This cannot be guaranteed, but Companies House has said it will try to fax back limited partnership searches on the same day, provided that the request is received before 2pm.