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.