Governance Structures Updates

New statutory register for UK companies and LLPs

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On 6 April 2016, changes to the Companies Act 2006 introduce a new requirement to keep a register of persons with significant control (PSCs) over the corporate body, and will catch those with direct or indirect control.  Most companies with shareholders, companies limited by guarantee (including charities) and LLPs will be obliged to take reasonable steps to identify those people with significant control over them, and to record their details.

From June 2016, companies will have to file this information on the public register at Companies House, as part of the new annual confirmation process (which will replace the current annual return).

As predicted, the requirements and relevant definitions are complicated. If you need help preparing for this new regulation, please contact us.

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