Company alert

You only need to read this less than light-hearted blog from the Governance Academy if your organisation is incorporated as a company.

From 6th April 2016 all companies (and this includes charitable companies and community interest companies) must have a register of people with significant control. This is known as a "PSC register". This is a list of individuals and legal entities that have significant influence or control over the company.

If there are no people with significant control there must still be a register!

Be aware that the legal requirement also applies to dormant companies.

So, how do you find out what a "legal entity" is and what "people with significant control" means? How do you find out what you need to include in the register? How do you find out about the system for informing Companies House?

You can find all these answers and indeed everything you need to know, understand and do at
www.sandy-a.co.uk/legalstatus.htm#company-register-psc

Once you are in the link make sure that you also read the link www.tinyurl.com/jb8f8pv

If you read both links and you still can't work out if your company has people with significant control then email kathy.faulks@val.org.uk — if your company is based in Leeds and has an income below 100K we will be able to help you. Please note that we cannot help a company limited by shares that is not a community interest company.

Don't forget about trading subsidiaries!

What happens if the requirements are not met?

"Failure to provide accurate information on the PSC register and failure to comply with notices requiring someone to provide information are criminal offences, and may result in a fine or a prison sentence of up to two years". (Companies House).

Comments (1)

  1. Doing Good Leeds:
    Apr 25, 2016 at 09:45 AM

    Thanks Kathy - there always seem to be changes like this at this time of year - good to keep people up to date!

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