New Company requirements now in effect
18th Jan 2017
New company legislation recently came into effect, requiring all UK private companies and UK LLPs (with limited exceptions) to create and maintain a register of ‘persons with significant control’ (PSCs) and file relevant information annually with Companies House.
The information will be held in a public register , with the stated aim of increasing transparency in ownership and control of UK companies and helping to combat money laundering.
Meanwhile, the annual return has been replaced by a new ‘check and confirm’ process, in which companies supply a confirmation statement stating whether the information remains up-to-date.
The PSC register must be updated on an ongoing basis, either by entering the information when the annual confirmation statement is made, or by electing to hold your own register at Companies House and updating this register in real time.
Companies must ensure that their own PSC register is available for inspection at their registered office address, or provide copies if requested to do so.
For more information on the PSC register, or to discuss your company secretarial requirements, please contact us.