Register of People with Significant Control

From 6th April 2016, most UK companies and LLPs are required to identify and record the people with significant control (directly or indirectly) over them (PSCs). Even if a company has no interests to be registered (or is dormant), it must still keep a register and the register cannot be blank. Criminal sanctions apply for…

Changes in UK audit requirements

In first part of 2013 the EU made amendments to the Accounting Directive allowing national governments to make changes to the exemption threshold, which means that the audit exemption threshold is expected to rise and it could affect a vast number of UK businesses.

Guernsey introduces LLPs

Guernsey financial services practitioners have another vehicle to use in providing solutions for their client base – Limited Liability Partnerships (LLPs), which is a body corporate with separate legal personality from its members and unlimited capacity. Partners in an LLP are referred to as members (must be a minimum of two) and there is no…

Review of beneficial ownership continues

Following the Action Plan published in June 2013 at the G8 Summit in Northern Ireland and the release of UK government recommendations last week, The Isle of Man, is considering the introduction of a central registry of beneficial owners. The aim of holding such information is to improve transparency.