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New ‘People with Significant Control’ Register

On 6 April 2016, new law came into effect that requires all companies to keep a register of the people who can influence or control a company, that is, the PSC of the company (People with Significant Control).

PSC are popularly referred to in the press as the “beneficial owners” of a company.

A beneficial owner in respect of a company means the natural person(s) who directly or indirectly ultimately owns or controls the corporate entity.

The new PSC register includes details such as the names, dates of birth and nationalities of the PSC. The company must confirm with the PSC that the information is correct. The next step is for companies to file their PSC information and they will start to do this from 30 June 2016

Over the next 12 months, as new companies incorporate and existing companies file their confirmation statements, free accessible data of the PSC, or beneficial owners, behind UK companies will become available to the public.

According to Companies House, this will provide greater transparency, and “help to further strengthen confidence in business and deliver real benefits to the UK economy as a whole.”

If you need any advice on how to file your confirmation statement or include PSC details, please contact Pauline in our Corporate department who will be happy to assist you in these matters – pauline.gillard@cookco.co.uk

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