Companies, LLP’s and SE’s registered in the United Kingdom are now obliged effective of 6th April 2016 to maintain registers of persons with significant control within their companies or entities. This register is required to be maintained as part of the company’s statutory register and should be readily available for inspection.
A person with significant control (PSC) is someone in your company who satisfies one or more of the following criteria:-
- Owns more than 25% of the company’s shares
- Holds more than 25% of the company’s voting rights
- Holds the right to appoint or remove the majority of the directors
- Has the right to, or actually exercises significant influence or control
- Hold the right to exercise or actually exercises significant control over a trust or company that meets any of the other four conditions noted above
Effective from 30th June 2016, the annual return filed with Companies House in the UK is now being replaced with a ‘Compliance Statement’. This must be filed at least once a year and, except for listed companies, disclosure regarding the PSC’s must be included. The usual residential address and day of birth will not be made public but all other PSC details will be available on the public record.
Similarly companies or entities being incorporated or registered in the UK after 30th June 2016 will be required to disclose this detail on their initial registration documentation.
It will be a criminal offence for all such UK companies, LLP’s and SE’s not to comply with these disclosure requirements.
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