New PSC Register Rules Now In Force13th Apr 2016
Amid all the uproar over the Panama Papers, you might have missed another story about declaring who owns what and where.
But it’s required reading if you’re a company owner, shareholder or business partner.
As of April 6 2016, most legal entities are now required to create and maintain a register of ‘people with significant control’ (a PSC register).
Any person (or company) that holds more than a 25 per cent interest in the entity concerned must be recorded in the PSC register.
And if nobody holds such an interest, a statement to that effect must be included.
Most companies and limited liability partnerships (LLPs) will be obliged to set up a PSC register. Expert legal advice is essential because you must use the prescribed wording within the document.
Breach of an obligation under the PSC regime by the directors or any other person who should be recorded in the register is likely to result in criminal liability. Offenders may be subject to imprisonment or a fine (or both).
Get expert advice on PSC registers from Coles Miller’s commercial solicitors. We help clients with a wide range of services including:
- start-ups, shareholder agreements, partnership/LLP agreements
- mergers and acquisitions, MBOs/MBIs, joint ventures
- terms and conditions, contracts, employment law
- commercial property conveyancing
- corporate reorganisations
- business disputes and debt recovery.
For further information, contact commercial law solicitor Mark Howell at our Poole office, 01202 355695.