All UK companies (and LLPs) are now required to maintain a register of “people with significant control.”
All UK companies (and LLPs) are now required to maintain a register of “people with significant control.” This is an entirely new requirement and is in line with the Government’s move towards corporate transparency. It is also designed to assist enforcement agencies, notably in relation to money laundering.
In short: all companies must maintain a register identifying those with (broadly) 25% or more control (subject to definitions). They must also notify and update Companies House each year as part of the new Confirmation Statement procedure. For most private companies, it will be obvious which individuals should appear on the PSC register, but there may be some cases where it is less clear, particularly where there are group or trust structures.
The PSC register must contain name, dob, nationality, country, residential address (this will not be public), a service address, the date that person became a PSC and which of the conditions for being a PSC are met.
Failure to maintain an accurate PSC is a criminal offence, so ensure that you take steps to deal with this. Please call for compliance advice.