PEOPLE WITH SIGNIFICANT CONTROL (PSC)

You need to start keeping a record of the people who control your company. There are criminal penalties if you don’t do this.

For most companies these will be individuals who:

• Hold more than 25% of the company’s shares
• Hold more than 25% of the company’s voting rights
• Have the right to appoint or remove the majority of directors

If an individual does not meet the above conditions, check to see if you have anyone who:

• Has the right to, or actually exercises, significant influence or control over the company

It could also be individual who:

• Has the right to, or actually exercises, significant influence or control over a trust or company that meets one of the above conditions

There is some more information on how to identify your PSCs:
This is the statutory guidance issued by BIS Continue reading “PSC requirements – What you must do”

Companies House had a target date of 6 April 2016 for the launch of these public registers (PSC), to achieve this they have been busily rewriting the coding which many would have noticed the slowing down in the times it takes to process various forms. We had become used to the 3 to 4 hour average which has now become closer to the 24 hour target time Companies House set themselves.

Due the volume of work to be undertaken and the various pieces of secondary legislation having to be passed through Parliament the implementation date has been put back to 1 July 2016.

Our programme providers who are still awaiting some of the schematics for the rewriting of our software Are confident that our software will be running and recording information into our registers which are PSC compliant before the official implementation date.

Suspension on service 9 October

We have been advised by Companies House that submissions to them should cease at midday on Friday 9 October 2015 whilst they carry out updates to their system, and that they will also cease processing Same Day company formation requests after 10am on the same Friday. this Companies House service update is to allow for the changes to the systems which enable part two of the roll out of the Small Business, Enterprise and Employment Act which takes effect on the 10th October 2015. Continue reading “Companies House Service Update”

The next roll out of the Small Business, Enterprise and Employment Act, which is phase two of the five stage roll out will take place on the 10^th October 2015. The implementation is for partial date of birth suppression, the accelerated strike off time frame and consent to act requirements for company officers.  This makes changes to the current forms used in company registrations and officer appointments  Continue reading “Changes to company registrations and officer appointments”

Changes to the Names Regulations

Changes have been made to the names regulations for improving and simplifying them. It changes have resulted after consultation which also considered the need to maintain the current regulations which, primarily, set out rules regarding ‘same as’ names and ‘sensitive’ words and expressions.

When the changes apply

The regulations came into force on 31 January 2015.

The regulations concerned are:

• The Company, Limited Liability Partnership and Business (Sensitive Words and Expressions) Regulations 2014, and
• The Company, Limited Liability Partnership and Business (Names and Trading Disclosures) Regulations 2014 Continue reading “Changes to the Names Regulations”