The next measure of the Small Business Enterprise and Employment Act comes into force on 6 April 2016.
You now need to start keeping a register of your people with significant control (PSC).
A PSC is someone in your company who:
- owns more than 25% of the company’s shares
- holds more than 25% of the company’s voting rights
- holds the right to appoint or remove the majority of directors
- has the right to, or actually exercises significant influence or control
- holds the right to exercise or actually exercises significant control over a trust or company that meets any of the other 4 conditions.
You’ll need to keep your PSC as part of your company register, as these need to be available for inspection.
From 30 June, you’ll start submitting this information when you file your confirmation statements, or when companies, LLPs and SEs are incorporated.
Every company will need a PSC register!