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