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Do you have significant control?

The new Small Business Enterprise and Employment Act will impact all companies and Limited Liability Partnerships (LLPs).

There are many changes being implemented in 2016 including:

  • Restrictions on use of corporate directors
  • Extension of duties of shadow directors
  • Replacement of the annual return with a process for confirmations
  • Option for a private company to elect to use the central register
  • Procedures for rectification of the register relating to the company’s registered office
  • Shortened periods for striking off companies
  • Changes to the disqualification of director’s regime and introduction of a new compensation mechanism in relation to insolvent companies
  • Easier and simpler to remove the details of falsely appointed directors from the register.

 

One change is the need to keep a record of People with Significant Control (PSC) so they can file a “confirmation statement” at Companies House.

A PSC includes people within a company or LLP who meet the following conditions:

  • Owns more than 25% of the company’s shares
  • Holds more than 25% of voting rights
  • Holds the right to appoint or remove company directors
  • Exercise influence or control of the company.

 

The information required for an individual is the name, month and year of birth, nationality and service address will be publicly available, together with details of the interest concerned.

If you would like with any of the new rules let me know.