People of Significant Control (PSC) Update

Incorporation Order Form

PSC’s must be provided upon Incorporation by the company, unless they have reason to believe that they don’t have any PSC’s, which will be rare.

The order form been modified to cater for these changes with the inclusion of: ‘Legal Person’, PSC Officer role and Nature of Control questions. The software suppliers have sought legal advice to ensure that the system complies with the new legislation but we understand that this may not necessarily result in the most practical of a user interface, they have already taken steps to improve the user experience and there will be further updates to the order form throughout July and August.

• You can now preview the form here: http://uat.order.efiling.co.uk/buy/standard/

Company Register

The company register that the system generates will include a PSC section that will list out all PSC’s applied and their nature of control within the company. If no PSC’s are supplied, then a Company statement will be shown. “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”

Company Summary

The company summary will also list out the PSC’s as well as their Nature of Control but only if provided.

Annual Return and Confirmation Statement

The Annual return will run concurrently alongside the Confirmation Statement. We have been advised that companies still need to submit their AR01 for this year, we’ll be displaying the AR01 button in the company manager for those companies who haven’t filed an AR01 within the last year – the AR01 will be removed from the interfaces at a later date.

The Confirmation Statement will be added to the Company Manager; we’ll provide another update on this soon.

General changes to the system

The Return of the SIC Codes

At least one SIC Code will be required upon Incorporation. This is a requirement of the changes to the Companies Act, this will replace the sector question with SIC codes on the particulars step of the order process.

Shareholder address and information

As required by the Act changes have been made as to what information is collected regarding Shareholders. As of the June 30th the order form will now ask shareholders for a residential address and service address, the service address will be the address that gets sent to Companies House, it will also ask for the date of birth and nationality. This will assist you with the Anti-Money Laundering Regulations by specifically asking for the additional information bringing company officers in line with the ownership and control requirements of the Money Laundering Regulations.

Update to ‘Company Manager’

The company manager is receiving an update.

Due to the nature of the PSC changes it has provided an opportunity for the software suppliers to revisit the interfaces. At its basic level, each form will have its own dedicated page (No more dialogs). Having dedicated pages provides countless benefits and allows the manager to be a full company register maintenance service. You will be able to allot shares to new or existing shareholders, appoint, amend or terminate appointments. The choice will be there to file or not file at Companies House all elements of the register.