From 6 April 2016 almost all UK companies and limited liability partnerships (LLPs) will be required to identify and keep a register of the individuals or legal entities that own or have significant control over them. This register is known as the persons with significant control register (PSC Register).
From 30 June 2016, all relevant companies and LLPs will need to file this PSC Register with Companies House on incorporation and update it when the company or LLP delivers a confirmation statement (which is to replace the current annual returns) to Companies House.
The aims of these requirements are to increase transparency of UK companies and build upon trust in investment in the UK.
Practically, it clearly creates an additional administrative burden for companies but there are other possible implications. The transparency of ownership where privacy was preferred is a consideration. Complex corporate structures could also mean significant dedication of time in establishing the persons with significant control.
Tughans has prepared a summary of the new disclosure requirements which can be accessed by clicking here. This summary gives some detail on the requirements to ensure your company is compliant.
The Tughans Corporate Team and Tughans’ Company Secretarial can help steer companies and LLPs through the disclosure requirements, focusing on compliance through efficiency.
While great care has been taken in the preparation of the content of this article, it does not purport to be a comprehensive statement of the relevant law and full professional advice should be sought before any action is taken in reliance on any item covered.