PSC Register – Advice for Companies
Published 14 April 2016
With the imminent introduction of the ‘Register of People with Significant Control’, MKB Law takes a look at what exactly it means and how we can help.
Most UK companies and LLPs will need to start keeping a register of people with ‘significant control’ (PSC Register) from 6th April 2016. The requirements to file this information with Companies House will apply from 30th June 2016.
As the Register must contain confirmed information, and will affect almost all UK companies, Directors, Secretaries and Administrators need to start thinking now about how to comply. 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 now?
Identifying who owns or controls your company (both directly or indirectly)
Contacting them, and anyone else who may have such relevant information on your company’s ownership and control
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 this information can be found in your:
Company books – specifically the register of members
Articles of association
Any shareholders’ agreement
Trust documents, where nominee shareholdings are relevant.
How can MKB help?
MKB Law can assist you in getting your PSC Register up and running and making sure you comply with the statutory requirements of the new regime. If you would like more information please contact one of our Commercial Team: Stuart Horner or Genevieve Cathcart on 028 9024 2450.