The co-founder of the financial technology giant Revolut has officially updated the spelling of his name on the UK's company register, just as new identity verification rules for corporate directors are set to begin.
A Name Change for Official Records
Corporate filings reveal that Nik Storonsky has altered his registered name as a Revolut director to Nik Storonskiy. This move is widely understood to bring the Companies House record in line with the spelling found on his other official identification documents.
The change places the Revolut boss among a significant wave of business leaders complying with new regulations. He is now one of more than one million corporate directors who have completed the identity verification process with Companies House ahead of the deadline.
The New Identity Verification Rules
This wave of verification is driven by the Economic Crime and Corporate Transparency Act, which received Royal Assent in October 2023. The landmark legislation mandates that all company directors and people with significant control (PSCs) must verify their identity with Companies House.
The primary goals of the act are to enhance the reliability of data on the register, increase corporate transparency, and prevent the establishment of fraudulent businesses. The verification deadline will vary for different directors and PSCs.
Andy King, the chief executive of Companies House, commented on the milestone, stating, "Identity verification will help make sure that the people setting up, running and controlling companies are who they say they are. This will make our data more reliable and less open to misuse, supporting a more transparent and trusted business environment."
Storonskiy's Background and Recent Moves
Nik Storonskiy, who was born and raised in Russia, moved to London in 2006, where he worked as a derivatives trader for Lehman Brothers. In 2013, he teamed up with Ukrainian entrepreneur Vlad Yatsenko to found Revolut.
In a significant personal decision following the 2022 Russian invasion of Ukraine, Storonskiy renounced his Russian citizenship. More recently, last month, he switched his official residency from the UK to the United Arab Emirates. This change coincided with a trend of high-profile business figures relocating their tax residency abroad after the UK government abolished the non-dom tax regime.
