The corporate aspects of the Small Business, Enterprise & Employment Act 2015 have now almost all been implemented. The most significant change being the introduction of the register of People with Significant Control (PSCs) which we have already reported on. Our documents on this can be accessed here. However there are still some important changes to be implemented. These include:
• The ability of private companies to opt to keep their statutory registers at Companies House (June 2016);
• The replacement of the annual return with the confirmation statement (June 2016);
• The simplification of the statement of capital (June 2016); and
• The abolition of corporate directors (October 2016).
This month we are focusing on the ability of private companies to keep their statutory registers at Companies House going forward. From 30th June 2016, private companies have the option to stop maintaining in part their own set of company books and instead elect to keep their statutory registers at Companies House. The relevant registers include the register of members, register of directors, register of directors’ residential addresses, register of secretaries (if applicable) and register of PSCs.
We have created template paperwork should a private company wish to take advantage of this voluntary regime, including:
1. a guidance note on the process;
2. the relevant notices to Companies House to make the election;
3. the relevant notices to withdraw the election; and
4. in the case of the register of members, the relevant letters and notices required to seek the approval of the company’s members to the making of the election.
We will report on the changes to our templates to allow for the confirmation statement and the statement of capital next month.
Don’t forget that from 30th June, companies will need to supply Companies House with the information on their PSC register along with the company's confirmation statement. From that date, new companies will also need to supply this information on incorporation so that it can be made publicly available.
The contents of this Newsletter are for reference purposes only and do not constitute
legal advice. Independent legal advice should be sought in relation to any specific