The next stage of the Small Business, Enterprise and Employment Act 2015 (the Act), a new regime set to streamline compliance processes for businesses and increase corporate transparency, is being implemented on 30 June, requiring directors to record more information about the ownership of their business.
On 6 April 2016, new law, popularly referred to in the press as the “beneficial owners” of a company, came into effect, requiring all companies to keep a register of the people who can influence or control a company i.e. the PSC of the company. The new ‘people with significant control’ (PSC) register includes details such as the names, dates of birth and nationalities of the PSC and the company must confirm with the PSC that the information is correct. For more information, please read our article "Statutory changes – the PSC Register".
From 30 June 2016, the next phase of the Act will be implemented, where companies must file their PSC information with Companies House. In most cases this will form part of their first confirmation statement, which replaces the annual return from this date.
The PSC register will be available to search free of charge from 30 June 2016. It will take up to 12 months for the PSC register to be complete, because confirmation statements are filed throughout the year, with each company's filing date based on the anniversary on their incorporation.
If you require assistance with the implementation of any aspects of the Small Business, Enterprise and Employment Act 2015 or any other statutory filings, please do not hesitate to contact your usual Beavis Morgan Partner, or a member of our specialist Cosec team, Jeremy Rogers or Sara Costigan.