The United Kingdom’s Small Business, Enterprise and Employment Act was passed in March of 2015 and is being implemented in various stages throughout 2016.
As of 6 April 2016, all enterprises (with the exception of certain public companies) must keep a register of Persons with Significant Control (PSCs) over the business. According to Companies House:
A PSC is anyone in a company, LLP or SE who meets one or more of the conditions listed in the legislation. This is someone who:
- 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 directors
- has the right to, or actually exercises significant influence or control
- holds the right to exercise or actually exercises significant control over a trust or company that meets one of the first 4 conditions.
New incorporations will need to provide this information upon formation. These registers will go public in June of 2016 (residential addresses of PSCs will not be included).
Our London office can help you with these new requirements. Please do not hesitate to contact us at firstname.lastname@example.org if you have any questions regarding the PSC register or any aspects of the new SBEEA legislation.