Register of Persons with Significant Control

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Companies, LLP’s and SE’s registered in the United Kingdom are now obliged effective of 6th April 2016 to maintain registers of persons with significant control within their companies or entities. This register is required to be maintained as part of the company’s statutory register and should be readily available for inspection.

A person with significant control (PSC) is someone in your company who satisfies one or more of the following criteria:-

  • Owns more than 25% of the company’s shares
  • Holds more than 25% of the company’s voting rights
  • Holds the right to appoint or remove the majority of the directors
  • Has the right to, or actually exercises significant influence or control
  • Hold the right to exercise or actually exercises significant control over a trust or company that meets any of the other four conditions noted above

Effective from 30th June 2016, the annual return filed with Companies House in the UK is now being replaced with a ‘Compliance Statement’. This must be filed at least once a year and, except for listed companies, disclosure regarding the PSC’s must be included. The usual residential address and day of birth will not be made public but all other PSC details will be available on the public record.

Similarly companies or entities being incorporated or registered in the UK after 30th June 2016 will be required to disclose this detail on their initial registration documentation.

It will be a criminal offence for all such UK companies, LLP’s and SE’s not to comply with these disclosure requirements.

What Questions Do You Have?

We are happy to help. Please post your comment below or call Mary Flanagan on 01 677 9000. Alternatively, send us an email: info@cooneycarey.ie

To keep in touch, connect with our friendly team on LinkedIn.

If this article helped you, please share it with other businesses.

Posted on July 11, 2016 by Cooney Carey

Companies Act 2014: Disclosure of Directors’ Addresses

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It is now possible in certain instances for a company director not to have to disclose their usual residential address on a form submitted to the Companies Registration Office (CRO).

This process is outlined under Section 150 (11) of the Companies Act 2014.

The following key points should be noted in this regard:-

  1. An exemption granted will only take effect from the date that the application is registered by CRO and would only apply to information submitted on forms to the CRO after this date. It is important to note that forms previously submitted to CRO cannot be withdrawn or amended as part of this procedure.
  2. In cases where company officers are successful in their application, they will be permitted to enter the registered office address of the company on future submissions to CRO rather than disclose their own residential address. Furthermore, the company’s own statutory registers can be amended to remove the directors’ usual residential address.
  3. Where the application is successful, the company officer is from that point onwards themselves responsible for the non-disclosure of the usual residential address. CRO will not amend residential addresses on forms submitted to them for processing.
  4. As was previously the case, all other relevant information for the company director must be supplied e.g. date of birth, details of other company directorships etc. The exemption only applies to the usual residential address.

The procedure for making an application for such an exemption is as follows:-

  1. A completed Form T1 must be submitted to CRO marked for the attention of the Registrar of Companies.
  2. The application seeking an exemption must be accompanied by a supporting statement from an officer of the Garda Siochana not below the rank of a Chief Superintendent requesting that the usual residential address of a person who is an officer of the company shall not appear on the register kept by the Registrar for reasons of personal safety or security.

If CRO are satisfied with the outlined procedure has been complied with, it will notify the director concerned that the exemption has been granted.

What Questions Do You Have?

We are happy to help. Please post your comment below or call Mary Flanagan on 01 677 9000. Alternatively, send us an email: info@cooneycarey.ie

To keep in touch, connect with our friendly team on LinkedIn.

If this article helped you, please share it with other businesses.

Posted on May 4, 2016 by Mary Flanagan

Companies Act 2014: Directors Compliance Statements

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Companies Act 2014 Recent Changes

Recent changes to the Companies Act 2014, effectively split the Act into two separate parts;

  1. Parts 1-15

This section of the Act deals with private companies limited by shares (LTD).

  1. Parts 16-24

This section of the Act deals with all other types of companies not defined as private companies limited by shares, including;

  • Designated Activity Companies (DACs),
  • Public Limited Companies (PLCS)
  • Guarantee Companies (CLG)
  • Unlimited Companies (UL)
  • Investment or External Companies.

Directors’ Compliance Statement

The new Act includes a number of notable amendments, however Read more

Posted on April 21, 2016 by Cooney Carey

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