Showcasing the Best of Welsh Business

How Small Businesses Should Navigate the New PSC Legislation


As part of the Small Business, Enterprise and Employment Act 2015, almost all companies and LLPs will have to maintain a PSC (People with Significant Control) register, as of April 6th 2016.

The new piece of legislation has been introduced to increase transparency about those who own and control companies. Even a small company with a single Director will now need to start a PSC register, and keep it up to date.

What many haven’t realised however, is that if a business doesn’t provide a PSC register, as of April 6th, owners could face criminal charges.

In light of the importance surrounding the new legislation, let’s take a look at what exactly a PSC register is, what steps you need to follow and what information you need to provide to comply with following these changes.