An inspirational speech was given by our Managing Director and President of the Sussex Law Society, Jacqueline Hardaway, at the annual charity Ball on Friday 17th May 2019. To an audience of over 240 guests at The Grand Hotel in Brighton, Jacqueline...
Every UK company is required to identify the people who are 'persons with significant control' (PSCs). Essentially, PSCs are the people who own or have significant control over the company. Their details must be lodged with Companies House. Surprisingly, although the relevant requirement came in in June 2016, more than 57,000 British companies have not yet identified their beneficial owners.
If Companies House decides to enforce the requirement, the results could be dire for directors who fail to comply as it is an imprisonable offence.
The GOV.UK website provides information on how to identify the PSCs in your company.