From 26 June 2016 Companies and LLP’s have been required to keep a register of Persons with Significant Control (PSC). A PSC being defined as a person and/or entity owning more than 25% of the company’s shares or voting rights. The business was required to update the register within two months of the change but, unless the company had elected to hold its statutory records at Companies House, the public record was only updated once a year when the annual confirmation statement was filed.
The EU’s Fourth Money Laundering Directive came into force in the UK on 26 June 2017 and it requires information held on the PSC register to be “current” so, from that date, where there is a change in the PSC register, the business will have 14 days to update its register and another 14 days to send the information to Companies House. Forms PSC01 to PSC09 will need to be used to notify Companies House of the changes.
If Magma provide secretarial services to your business it is vital we are kept informed of any shareholder changes so we can ensure the PSC details at Companies House are current.
If you would like to discuss, or require assistance, please contact Alison Snook on 01788 539000.