UK Societas meaning

Individuals or entities that may be entered onto a PSC register: registrable individuals holding significant control registrable relevant legal entities subject to their own disclosure requirements: all UK companies limited by shares or by guarantee (including community interest companies (CICs)) and dormant companies UK unlimited companies UK limited liability partnerships (LLPs) unregistered companies subject to the Unregistered Companies Regulations 2009 (including some Royal Chartered bodies, such as City of London Livery Companies, Guilds and other societies and professional bodies) UK Societas...

This note provides a checklist of the principal questions to ask, and the actions to take, to meet the requirements of Part 21A of the Companies Act 2006 (CA 2006) covering people with significant control (the PSC regime). It focuses on keeping a register of PSCs and other registrable relevant legal entities (RLEs) (the PSC register)... The requirement to report PSC information The PSC regime covers UK incorporated companies limited by shares or guarantee (including community interest companies), limited liability partnerships (LLPs), unlimited companies, unregistered companies and UK Societas. Owing to the Scottish Partnerships (Register of People with Significant Control) Regulations 2017, SI 2017/694, it also applies to eligible Scottish partnerships (Scottish limited partnerships and Scottish qualifying general partnerships). These bodies must update their own registers within 14 days and amend the central record at Companies House within a further 14 days; eligible Scottish partnerships are not required to keep a PSC register but must deliver PSC details to Companies House within 14 days. For more detail, see...

The framework of the people with significant control (PSC) regime Introduced on 6 April 2016, the people with significant control (PSC) regime is grounded in Part 21A of the Companies Act 2006 (CA 2006), as updated by sections 81–83 and Schedule 3 of the Small Business, Enterprise and Employment Act 2015 (SBEEA 2015), and by sections 44, 51 and Schedule 2 of the Economic Crime and Transparency Act 2023 (ECCTA 2023). It was devised to curb opacity in corporate ownership, where records often noted only the legal, not the beneficial, holder of shares. The PSC register provides accurate, up-to-date details on who ultimately owns or controls companies and other entities, and this information is publicly accessible on the central registry at Companies House. It informs investors weighing an investment and assists law enforcement during money laundering enquiries. Data on the UK PSC regime is available as a downloadable snapshot containing the full list of PSCs supplied to Companies House. ECCTA 2023 also amends CA 2006 to abolish the requirement...

This Practice Note gives an overview of the European company, Societas Europaea, or ‘SE’. It outlines how SEs are set up and run, their head office, share capital and shareholders, arrangements for employee participation, and the mechanism for shifting a head office from one Member State to another. What is a European company? A European company, also called a Societas Europaea (SE), is a corporate body that can be created within the EU. Once entered on the register in the Member State where its principal office sits, an SE enjoys recognition across Europe and holds its own separate legal personality. What is a head office? ‘Head office’ is not defined in EU legislation. The meaning of ‘head office’ was examined in the setting of Regulation (EC) 1346/2000 on insolvency proceedings (now no longer in force) in the Opinion of Advocate General Jacobs delivered on 27 September 2005 in Case C‑341/04, Eurofood IFSC (paragraphs 106–126 and 152(3)). An SE is a public limited liability company regulated...

ARCHIVED: This Practice Note is archived and not kept up to date. It examines the legal and regulatory framework for the corporate form called a UK Societas. The UK Societas derives from the European company model—the Societas Europaea (SE)—which, following the UK’s departure from the EU, can no longer be used domestically. This material is provided for context only. European companies and the impact of Brexit A European company, or Societas Europaea (SE), is a corporate body that can be incorporated within the European Union (see Council Regulation 2157/2001/EEC of 8 October 2001 on the Statute of a European Company (the SE Regulations)). Once established, it has separate legal personality, is entered on the register of the member state hosting its head office, yet enjoys EU-wide status and recognition. An SE is a public limited liability entity and is governed by the law of the member state where its registered office sits. Before the UK’s withdrawal from the EU, a European company could be registered in the...