UK Private Company and LLP Beneficial Ownership: New Disclosure Requirements from April 2016

21 March 2016
View Client Update

Key takeaways:

  • From 6 April 2016, all UK-incorporated companies and LLPs will (unless exempt) be required to maintain a register of natural persons with significant control (“PSCs”).  Such register will be open to inspection by the public.
  • Many foreign individuals who use UK entities within their group structures will be named (and certain personal details disclosed) on such public registers.
  • In the event of non-compliance, relevant officers, members and PSCs will be subject to a criminal charge, fine and/or up to two years’ imprisonment.
  • From 30 June 2016, the details of such registers will also be recorded at Companies House.