PSC Register - ALL Companies incorporated in the UK must comply!
You are affected if you are either;
- A UK incorporated company (including dormant companies, companies limited by shares, companies limited by guarantee and unlimited companies)
- A Societates Europaeae (SEs)
- A Limited Liability Partnerships (LLPs)
What is required?
Companies have to keep a register of People who have Significant Control (PSC) within a company. Details of all PSCs need to be registered at Companies House on the confirmation statement (previously called the Annual Return). The purpose of this is so that the UK can increase its transparency over who owns and runs our companies.
Companies need to compile their PSC register and make it available for inspection on request at the company’s registered office.
Failure to provide accurate information on the PSC register and failure to comply with any notices requiring an individual to provide information are criminal offences which could result in a fine or prison sentence of up to two years.
We can assist you with the following:
- Rules and requirements for new companies on incorporation
- Advice on the correct format of the register to be kept. The register cannot be blank!
- Identify who qualifies as a PSC
- Rules and regulations where a company is owned or controlled by a parent company
- Procedure if the PSC to be named is a legal entity
If you are a Company and would like advice on the new regulations or any of our other services – speak to Roy Colaba in our Corporate and Commercial Department on 0121 698 2200.
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