It is highly likely you will need to file a change of shareholder at some point for your limited company. The need to change the shareholders can be for a variety of reasons. The existing shareholders may wish to sell all or part of their share in the business. Alternatively a shareholder may have passed away and the shares have been inherited by a family member. The company is required to update the official public regards regarding the change of shareholder to ensure the public records are accurate.
File a Confirmation Statement (CS01)
Companies House require all UK limited companies to file a confirmation statement (CS01) every 12 months as a minimum. This allows companies to review the details held on the public register and confirm if there have been any changes. Companies House have a variety of different forms to change the details of company officers and the address of a company, however the only way to update a company shareholder is using the confirmation statement. The CS01 allows you to provide the name of the new shareholder and the number of shares held. If you require our assistance with filing this document please see more information about our Confirmation statement filing service here.
Are they a PSC or Director?
Transferring shares may alter which individuals qualify to be appointed as a Person of Significant Control (PSC) of the company. If an individual transfers all of their shares in the company they may also want to resign as a director. If this is the case you will also need to file the termination of director (TM01) form. Alternatively, if an existing shareholder transfers some of their shares this may alter who should be recorded as a PSC. Companies House have created a number of PSC forms to update the official public records with any change to a company’s PSC.
Update Company registers
It is a requirement for UK companies to hold company registers. Combined registerS or statutory books are alternative names for the company register. Ultimately this is a register typically held by the company at the registered office address or a SAIL address recorded at Companies House. This register must be available for the general public to inspect during reasonable office hours. The company registers will typically include a record of the current appointed directors, secretaries, shareholders, PSC’s , directors interests and company charges. If there is any change to the shareholders this must be recorded in the company registers as this should be an accurate record of the company’s current structure.
Small Firms Services Limited can assist with filing share changes for your company. If you require assistance please visit our company share changes page for further information.