2017 Changes to UK PSC Requirements

Recent changes to Anti-Money Laundering legislation in the United Kingdom have affected the Persons with Significant Control (PSC) regime for all limited companies, some public companies, and now Scottish partnerships. The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 replaces the previous legislation, The Money Laundering Regulations 2007.

While the legislation is fairly far reaching, the most important change for most UK businesses to keep in mind is that, going forward, ALL changes to a company’s PSC register must be reported to Companies House within 28 days of the change being made. Previously changes to PSC registers only had to be reported at the time of filing the annual Confirmation Statement.

Have questions about these recent changes, or about PSC requirements in general? The specialists at IBCF UK are here to help! Email us at ukorders@ibcf.com or fill out the form below and we will be in touch right away.


IBCF UK Office Holiday Opening Times

In keeping with Companies House’s Christmas and New Year schedule, please see our UK office’s holiday hours, below.

For out of hours or emergencies, please email clientsupport@ibcf.com.

Friday 23 December Our office is open, but 4pm closing
Monday 26 December Our office is closed
Tuesday 27 December Our office is closed
Wednesday 28 December Our office is open
Thursday 29 December Our office is open
Friday 30 December Our office is open
Monday 2 January 2017 Our office is closed

USA: Business License Services

IBCF can perform all business license research, application assembly and filing. We can prepare everything related to the license application except the client’s signature, while getting businesses licensed faster and keeping them compliant with the law.

Our services…

License Research

Business licensing requirements can vary from state to state, county to county, and city to city.

Our expert team will

  • determine what licenses, permits, and registrations your business needs
  • help you navigate the frequently changing regulatory requirements
  • quickly obtain correct information
  • identify supporting documents and all state, county, or city fees


License Filings

We help you secure and maintain all required business licenses, permits, and tax registrations.
Whether your business operates as a multi-state operation or in a single location, our professionals will:

  • help you secure and maintain all required business licenses, permits, and tax 
  • guide you through the entire licensing process and determine what corporate and legal documents to submit
  • complete and submit application forms to the licensing authority
  • proactively communicate with licensing authority on your behalf to achieve fast 


License Assessment

We ensure your business is fully compliant within all jurisdictions. We produce a comprehensive report containing complete information about your current license portfolio as well as applications and instructions on how to obtain the licenses you need. Our expert team will:

  • research all the licenses and permits your business needs at the federal, state, county and municipal level
  • verify license status and renewal dates for licenses
  • identify gaps in your license portfolio and provide accurate applications to quickly become compliant.


License Verification

We help your business avoid unnecessary fines or penalties. Our professionals will:

  • Verify that all your existing business licenses are valid.
  • verify if your current licenses are in good standing
  • identify and remind you of renewal dates


Want more information or need some help? Reach out to Mary-Elizabeth at IBCF; email moneill@ibcf.com.

Due Diligence Policy and Requirements

IBCF adheres to the generally accepted principles of DUE DILIGENCE. We will require full contact information for the principal including copy of the passport or other picture identification and personal recommendation from a bank, attorney or accountant. Professional clients acquiring companies for resale must make assurances that they have similar due diligence guidelines in place and will not knowingly be part of any illegal activity.

UK Formation FAQs

The United Kingdom offers a favorable tax climate within the European Community. It continues to be a good location for companies that need a European presence. It is an English speaking jurisdiction with economic stability and low tax rates.

There is an annual filing requirement for accounts and return. Although a Registered Agent is not required, a Registered Office is required by statute.


Cost of formation: $500 plus $550 Registered Office fee (or Statutory Compliance Service)

Statutory Compliance Service: $1000 annually; includes registered office, company secretary and filing of annual return.

VAT Registration, accounting services etc are also available.


UK Corporate Name:
The United Kingdom restricts the following names: Royal, Bank, Building Society, British, National, and Chamber of Commerce. International, Group, & Holding are allowed only when the name is justified by the facts. The allowed corporate indicator is Limited or Ltd.

UK Directors:
While a Director of the company can be a corporation or LLC, at least one individual (natural person) Director is required. The identification of the director is a matter of public record as are the names and addresses of shareholders. Directors can be non UK persons.

UK Stock:
There is no minimum share capital for private limited company, however it is traditional for a private United Kingdom company to be incorporated with an authorized share capital of 100, 1000 or 10,000 ordinary shares of 1 pound each, of which often as few as 2 are issued.

UK Registered Agent/Office:
It is a legal requirement that a private limited company maintain a registered office in England or Wales. Scottish companies must have the registered office in Scotland. IBCF will furnish the Registered Office upon request.

Annual Accounts:
On an annual basis, generally on the anniversary of the formation of the company but the year may be changed, an Annual Report must be filed detailing changes to the shareholders, Directors and capital. Accounts must also be filed but for small companies, this is merely an abridged balance sheet.

Due Diligence Requirements..

2016 Fee Schedule and Turnaround Time


Service Cost Disbursement Turnaround Time
Verbal Search $125 N/A Next UK business day
Good Standing $200 $100 Next UK business day
Longform Good Standing $399 $100 Next UK business day
Certificate of Incorporation $200 $100 Next UK business day
Certified copies (per doc) $200 $100 Next UK business day
Apostille $400 $125 2-3 business days
Legalization $500 $125 2-5 business days
CCJ Search $200 N/A Next UK business day
UCC equivalent search $200 N/A Next UK business day
Bankruptcy search $300 N/A Next UK business day
Land Registry Search $200 N/A Next UK business day
Corporate Health Check $250 N/A Next UK business day
Limited Company Formation* $500 N/A 1-2 business days
SOP under Special Agreement $650 N/A 1-2 business days
Statutory Compliance*^ $1000 N/A 1-2 business days
Filing of Annual Return $150 N/A 1-2 business days
File Dormant Accounts $250 N/A 1-2 business days
Transfer Representation (for existing companies)* $575 N/A 1-2 business days



^Statutory Compliance = Registered Office and Company Secretary service, plus filing of annual report. This fee is charged yearly and is especially important for companies that will not have a physical UK presence in order to stay in compliance.

*Turnaround time is for processing after all Due Diligence documents have been submitted and approved.

We can additionally offer bulk pricing which varies on a case per case basis (for instance, additional apostilles from $50-$200, depending on size of order).

Limited Company Formation includes:

  • Preparation of incorporation documents
  • Registration with Registrar of Companies
  • Electronic Certificate of Incorporation
  • Electronic Memorandum and Articles of Association
  • Company Status Report

UK PSC Register Due 6th April

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:

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 ukorders@ibcf.com if you have any questions regarding the PSC register or any aspects of the new SBEEA legislation.