As of the 6th April 2016 UK law will come into place requiring all Ltd Companies and LLP’s to identify and keep an internal register of people having significant ownership or control. Then from 30 June 2016 companies and LLP’s will have to file key information concerning someone with significant control to Companies House as part of a new Annual Confirmation Statement, which is set to replace the annual return.
Charterwells urge Companies & LLP’s to hold their own PSC register right away and ensure the filling of this to Companies House is done on time this year.
This PSC law will bring about greater levels of transparency. It is being brought into place to help investors contemplating investing into a company and will also aid law enforcement agencies in tackling money laundering.
To be considered as a PSC you must meet one or more of the following criteria
hold over 25% of company shares
hold over 25% voting rights or hold the right to hire or fire a majority of board members
have the right to exercise significant influence or control over the company
For any additional help with this please contact Charterwells at enquiries@charterwells.co.uk
Government guidance is available below:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/505303/NON-STATUTORY_GUIDANCE_FOR_COMPANIES_AND_LLPS.pdf