Companies have been firmly in the spotlight recently; clarity and openness are the new watchwords. So, following a proposal made by the UK at the G8 summit in 2013, on 6 April 2016, the law was changed to increase the transparency surrounding the ownership of companies.
Certain companies and LLPs must now keep a register of anyone who in effect controls that company; in other words, People with Significant Control (PSCs). It’s a criminal offence not to do so.
A PSC register must include the names, dates of birth and nationalities of the PSC – much like a ‘normal’ director. And, as from 30 June 2016, it has been the company’s duty to file the PSC register at Companies House, confirming that the information on it is correct. RIP Annual Returns; long live Confirmation Statements.
If you’re in doubt as to when to file your new confirmation statement, you can check with Companies House, using its website and following the links. It’s all free. This will also be the place to view a company’s PSC information once it’s been filed.
If you’re registering a new company, you’ll have to give your PSC as part of the process, so the PSC information will be publicly available pretty much straight away. It’s worth remembering though that, as with directors, home addresses and full dates of birth will not be publicly displayed.
If you need information on who qualifies as a person with significant control, please contact: