The PSC (‘Persons of Significant Control’) regime was introduced in April 2016 to increase transparency as to who had control of companies registered in England and Wales.
Most UK companies and LLPs now have to maintain a register of those individuals who have ‘significant control’ over them and provide this information to Companies House on an annual basis.
However, just over one year after coming into force, the PSC regime is about to undergo some important developments, as Grant Usher, Associate, explains.
What Is Going To Change?
From 26 June 2017, only companies listed on a regulated market in the UK will be exempt from producing a PSC Register. This means AIM-listed companies must comply with the new PSC regime plus the existing shareholder reporting obligations in the AIM Rules.
Scottish limited partnerships and Scottish general partnerships shall also become subject to the PSC regime as of 24 July 2017.
What Other Practical Differences Will There Be?
Existing companies who have been already subject to the PSC regime will see a number of practical changes, in particular with their Companies House filings.
At present, all companies must ‘check and confirm’ their filings via an annual Confirmation Statement. A company does not have to inform Companies House of every change to its PSC Register – this has been the job of the Confirmation Statement in the past.
This is about to change, as of 26 June. A company will no longer use the Confirmation Statement to inform Companies House of alterations to its PSC register (albeit it will have to confirm that the PSC information in the Statement is correct). The changes coming into force shall mean that any alterations to the PSC Register must be reported to Companies House within 28 days of them becoming apparent. The Company will have 14 days to update its Register and a further 14 days to inform Companies House of the alterations.
How Can Verisona Law Help My Business?
At Verisona Law, we can assist you and your business in preparing for the changes to the PSC regime and assisting with your Company Secretarial requirements, by:
- Preparing, and keeping up-to-date, your PSC registers to comply with Companies House requirements;
- Filing your PSC registers at Companies House, saving your business time, money and resource;
- Assisting you with queries as to who amounts to a ‘Person of Significant Control’ in your business; and
- Providing general Company Secretarial assistance, including maintaining your business’s statutory registers, filing forms at Companies House to reflect changes to the directors or shareholders of your Company and filing your annual Confirmation Statement.
If you would like further information on PSC Registers and Company Secretarial requirements, please contact Grant Usher (Associate) at firstname.lastname@example.org or via telephone on 023 9231 2058.