In May 2015 it was announced that all companies would be required to maintain a register of persons with significant control (PSC) as from January 2016.
As part of company law under the Small Business, Enterprise and Employment Act 2015, there is a requirement for the majority of UK companies, directors, secretaries and administrators to;
- Identify persons with significant control over the company; both directly and indirectly
- Contact anyone with such relevant information on your company’s ownership and control
- Consider who is registrable
- Maintain a written register of those persons, known as a PSC register
Even if a company is dormant, the PSC register cannot be left blank, and where there is non-compliance with the above, criminal sanctions will be actioned.
The above information is then required to be filed with Companies House, where it will be added to a public register.
You are probably aware that the above change has not being implemented yet.
However, these requirements have not been dropped, and it has now been confirmed that the legal requirement to maintain a PSC register will start 6 APRIL 2016 and the requirement to fill the information with Companies House is set to commence on 30 JUNE 2016.
Remember, this is not going to disappear, so do not avoid this change and start thinking now.