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LEGAL UPDATE: Thousands of Company Officers Are at Risk Due to a Little Known Requirement

Are you one of them?

The maximum penalty for not maintaining a PSC register (a Register of People with Significant Control) is a prison term of up to two years, a fine, or both. Read on to find out if you are at risk.

Who Must Maintain a PSC Register?

Most limited companies and LLPs, as of 6th April 2016, are required to maintain a PSC Register.

What is a PSC Register?

A PSC Register (a Register of People with Significant Control) is a legal requirement. It must list all the individuals who:

  • Own or control more than 25% of the shares in the company OR
  • Hold more than 25% of the voting rights in the company OR
  • Have the right to appoint or remove a majority of the board of directors of the company OR
  • Are able to exercise significant influence or control over the company

It must also list companies, trusts or LLPs that satisfy one of more of the above conditions as well as any individuals who have the right to exercise significant influence or control over the activities of that trust or firm.

When Do We Need to Have Our PSC Register in Place?

Now. You should have had your PSC register in place before 6th April 2016. As of 30th June 2016, the annual return was abolished and replaced by an annual Confirmation Statement. Your annual Confirmation Statement to Companies House must include the information on your PSC register.

If you don’t have this information in place or would like some help to ensure that you have everything you need then Else Solicitors can do this for you for a fixed fee of just £150 (plus VAT).

Please contact Adam Gilbert, Head of Corporate and Commercial and Partner at your earliest opportunity on 01283 526 229 or at adam.gilbert@elselaw.co.uk.

What Happens if We Don’t Maintain a PSC Register?

As a company officer, you must take reasonable steps to:

1. Identify the people with significant control over your company (PSCs) and confirm their information (see below for details);
2. Record the details of the PSC on your company’s own PSC register;
3. Provide this information to Companies House as part of your annual Confirmation Statement; and
4. Update the information on your company’s own PSC register if it changes, and update the information at Companies House when your next Confirmation Statement is made.

Failure to do so is a criminal offence, which can be committed both by the company and any officer who is in default, and could result in a fine, prison sentence or both.

What Details Need to Be on Your PSC Register?

Your PSC register must include (amongst other things), the individuals’:

  • Name;
  • Date of Birth;
  • Nationality;
  • Country, state or part of the UK where the PSC usually lives;
  • Service address;
  • Usual residential address (this must not be disclosed when making your register available for inspection or providing copies of the PSC register).

There are more requirements for individuals and specific things need to be listed for companies and trusts with significant control as well as other, more complex, features that we cannot cover in this update.

We highly recommend that you seek legal support in compiling your register. Else Solicitors can, for the fixed price of £150 (plus VAT) help you to ensure that you and your company have everything covered.

Why Else?

Else Solicitors’ trusted commercial team can ensure that your business has everything it needs in place – are your Terms and Conditions useful and up-to-date? Do you need help putting together a profitable distribution deal? Are your company directors complying with their obligations? Are your shareholders protected against unforeseen occurrences and mishaps?

You will discover that we are different from other legal firms. We will help you sort out PSC register and then look at other ways that we can add value to your company. This could include introducing you to new customers or suppliers in our extensive network, or offering you some new insight into your market or your business.

Else Solicitors has an enviable reputation for always going the extra mile and offering a personal, jargon free service. Your business is not only in trusted legal hands but will also benefit from our extensive business knowledge, experience and contacts.

If you would like some support in ensuring that your company or LLP conforms with its legal obligations then we invite you to contact Adam Gilbert, Head of Corporate and Commercial and Partner at Else Solicitors on 01283 526 229 or at adam.gilbert@elselaw.co.uk.

Else has set their PSC register compliance service at the fixed price of £150 (plus VAT) so that all companies and trusts can afford to remove the risk of not being compliant with this new obligation. Contact Adam today to put your PSC register in place.

Adam will help your company to stay compliant and protected, and ensure that it operates in a medium that will allow it to flourish, as well as grow.

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