New Compliance Requirements for Companies and LLPs

New compliance requirements for Companies and LLPs 

MacPhee & Partners wish to highlight that, since 6 April 2016, companies and limited liability partnerships (LLPs) now have an obligation to (1) take “all reasonable steps” to identify any “person with significant control” (“PSC”) over them and (2) record this in a register of persons with significant control (“PSC Register”) which should be added to the Company’s existing statutory registers.   From 30  June 2016 information regarding those persons who constitute a PSC must also be filed with Companies House as part of the annual Confirmation Statement process.

The following persons will need to be detailed within the PSC Register:-

The creation and maintenance of a PSC Register is mandatory; even if there are no individuals who constitute a PSC the PSC Register must state that is the case.   The PSC will in most cases be an individual but in cases where your company or LLP is owned or controlled by another legal entity the details of this must be recorded on the PSC Register if this is relevant and registrable in relation to your organisation.

Please contact Isabella MacRitchie, a member of our Commercial Team, on 01397 701000/01631 562308 and [email protected] for further information.