Procedure for translating PSC Registers
As of 6th April 2016, all limited companies, LLPs and SEs are required to maintain a register of persons with significant control (known as the PSC Register) as a result of the Small Business, Enterprise and Employment Act 2015. Given the international nature of business today, it is highly likely that every company will need to think about translating PSC Registers at some point in the near future.
What is the PSC Register?
The purpose of the PSC Register is to increase transparency and, hence, combat money laundering by identifying the ultimate beneficial owner(s) of a company. The PSC Register is expected to be an important tool for banks, lawyers and other professionals to conduct detailed Know Your Client (KYC) checks. Translations of PSC Registers need to be accurate and high-quality to ensure the PSC Register translation complies with these KYC measures.
How to translate a PSC Register
Translating PSC Registers should be approached in much the same way as translating other company documents. Care needs to be taken, though, as not all concepts can be translated literally. For example, “persons exercising significant control” include not just natural persons but also legal entities – the translator must ensure that the translation of “person” does not give the wrong impression.
In many cases, though, the translation of a PSC Register will also need to be certified. Dot Comma can produce ITI-certified translations of PSC Registers or, alternatively, another form of official translation, including notarised translations.
Being a public document, Dot Comma can obtain a copy of the PSC Register for translation directly from Companies House. This has the obvious advantage that it speeds up the translation process; there is no need to wait for hard copies of the PSC Register to be sent to us by post.