PSC Registers: A New Era in Corporate Transparency
From 6th April 2016, most UK companies & LLPs will need to start keeping a register of people with significant control (PSC Register). From 30th June 2016 the requirements to file this information with Companies House will apply.
A PSC Register must contain confirmed information and will affect almost all UK companies. A PSC Register cannot be blank, even if a company is dormant or there are no interests to be registered and will be publicly available (save for residential addresses). Criminal sanctions will apply for non-compliance.
What should you be doing?
• Identifying who owns or controls your company (both directly or indirectly);
• Contacting them and anyone who may have such relevant information on your company's ownership and control; and
• Considering who exactly is registrable and should be placed on your company's PSC Register.
Where will you find this information?
This depends on the complexity of your company's ownership structure. For most companies, amongst other things, this information can be found in your:
• Register of members;
• Articles of association; and
• Any shareholders' agreement.
What can we do to help you?
We have produced a comprehensive package of new template documents to assist you in getting your PSC Register up and running and making sure you comply with the many statutory requirements of the new regime. Our package includes templates to cover the main aspects of the regime, including guidance, notices, letters to Companies House and much more.
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 legal matter.