Sandy Adirondack, who provides training and consultancy on governance and law for the voluntary sector has produced an update for all companies about the requirement for companies to have a register of people with significant control.
‘From 6 April all companies, including charitable companies and community interest companies, must have a register of people with significant control (PSC register) of individuals and legal entities which have “significant influence or control” over them. There must be a register even if there are no PSCs, or even if the company is dormant. The rules are relatively straightforward for most of the companies on this mailing list, but may be complicated for some companies so read the information carefully.
If you have not yet set up a PSC register or if have set up something without ensuring it complies with the requirements, your company should be compliant if:
1. You read my full article above, or at least the Companies House summary guidance at http://tinyurl.com/jb8f8pv and any sections of the full guidance to which it directs you.
2. You then produce a document (a single sheet will do) headed “Register of people with significant control” with your company name and number, and whichever of the following statements applies, in these exact words:
a) “The company knows or has reasonable cause to believe that there is no registrable person or registrable relevant legal entity in relation to the company.” Do not do this unless you have read my article or the Companies House guidance and are certain it applies.
b) “The company has not yet completed taking reasonable steps to find out if there is anyone who is a registrable person or a registrable relevant legal entity in relation to the company.”
c) “The company has identified a registrable person in relation to the company but all of the required particulars of that person have not been confirmed.”
d) “The company knows or has reasonable cause to believe that there is a registrable person in relation to the company but it has not identified the registrable person.”
3. If you have entered statement (b), (c) and/or (d), you take immediate steps to identify possible people with significant control and relevant legal entities, obtain and if necessary confirm the required details, and enter the details in the register.’
For further information, visit Sandy Adirondack’s website here: www.sandy-a.co.uk/legalstatus.htm#company-register-psc