THE rules and regulations affecting business owners are constantly under review. One of the latest changes is for companies and Limited Liability Partnerships (LLPs) which are now legally obliged to maintain a register of Persons with Significant Control, a PSC.
The corporate team at leading regional law firm Tollers are able to guide people through the legal requirements.
The introduction of the register is one of the latest requirements prompted by The Small Business, Enterprise and Employment Act 2015. Companies and LLPs since 6 April 2016 have been required to have a PSC register.
Ryan Chia, an Associate in the firm's Corporate team, said: "The aim is to encourage transparency over corporate ownership with a view to reducing financial crime including money laundering and tax evasion. Information on the register will include details of major shareholders who have or exert significant control or influence."
The next deadline is 30 June 2016 and from this date all companies and LLPs will be required to file at Companies House details of all PSCs and the new confirmation statement, which will replace the annual return from the same date. As with the annual return, the information filed in the confirmation statement will be publicly available with the exception of the PSC's residential address.
In certain circumstances, PSC details can be withheld if that person is at serious risk of harm or intimidation due to the activities of, or association with, the relevant company or LLP.
Statutory guidance is available at: www.practicallaw.com/0-622-3160)
Ryan said: "Failure to comply with these new legal obligations is a criminal offence by every officer or registrable PSC in default, punishable by a fine and/or imprisonment of up to two years.
"We would encourage anyone who believes this law might affect their business to get in touch. There are a wide range of legal obligations and it is important that people take action, if they haven't already done so, to ensure they do not fall foul of the law. This includes individuals who do not want to appear on the register who have a limited time to take the necessary steps."
For more information Talk to Tollers on 01604 258558 and a member of the Corporate team will be happy to assist you. If you would like to contact Ryan directly he can be reached at firstname.lastname@example.org or on 01908 306948.