The Small Business, Enterprise and Employment Act 2015 inserted new provisions into the Company Law with effect from 6 April 2016. Generally these provisions require all unlimited companies, private limited companies limited by shares or guarantee and public companies to keep and maintain a register of individuals and legal entities with significant control. This is known as a PSC register. By virtue of the Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016 these provisions also apply, with modifications, to limited liability partnerships.
The PSC register is an active document which, the Department for Business, Innovation & Skills have advised, must either provide details of the investigations to establish which individuals and legal entities have significant control and obtain their relevant details or contain all relevant information about the individuals and legal entities with significant control.
A private company will have the option to elect for information on its ‘significant controllers’ to be kept on the central register at Companies House from 30 June 2016. Upon making such an election, the company’s own PSC register must be updated to record this fact and all information in the PSC register as at the date of the election must be retained although the company will not be required to update the information in its own PSC register until such time as it ceases to be a private company or it withdraws its election.
For more information on please contact a member of the corporate team.