New compliance requirement: Register of people with Significant Control

As of 6 April 2016, companies are required to keep a register of people with significant control (‘PSC register’), in preparation for the need to file this information at Companies House (CH) from 30 June 2016; affecting inter alia private UK companies (e.g. Limited) and Limited Liability Partnerships (LLPs). The aim of the register is to increase transparency over who owns and controls UK companies, and is designed to enhance trust in UK companies while helping to fight money laundering.

The requirement to keep a PSC register brings with it a number of duties on companies, certain individuals and possibly overseas corporate entities. Goodwille can assist with meeting the respective compliance requirements and we will be in touch shortly to send clients a comprehensive update.

For more information on how this might effect you, please contact our Corporate Legal Assistant, Tessa Schrempft (tessa.schrempf@goodwille.com)