New UK Requirement for UK Companies and LLPS To Maintain A Register of People With Significant Control

March 29, 2016

With effect from April 6, 2016, all companies incorporated or formed under the UK Companies Acts, other than exempt companies, and all limited liability partnerships (LLPs) incorporated under the UK Limited Liability Partnerships Act 2000, will need to keep a register of people with significant control (PSC) over them. Failure to keep and maintain this register (the PSC Register) will be a criminal offence (on the part of the company/LLP and its officers). The PSC Register will be publicly accessible. Information on PSCs will also need to be filed at Companies House in an annual confirmation statement (which replaces the annual return) from June 30, 2016.

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