As of 6 April 2016, all companies and limited liability partnerships (LLPS) must now keep a register of persons with significant control (PSC).
A PSC register is required for those who have ‘significant control’ over the company and come under the conditions listed in the legislation.
For companies these are:
- owns 25% of the company shares
- owns 25% of the voting rights
- the right to appoint or remove a majority of directors on the board
- has significant influence or control over the company
- has significant influence or control over a trust or company that meets one of the other conditions.
The following criteria apply for limited liability partnerships (LLPs):
- owns more than 25% of surplus assets on a winding up
- owns 25% of the voting rights
- the right to appoint or remove a majority of people involved in management
- has significant influence or control over the company
- has significant influence or control over a trust or company that meets one of the other conditions.
Both companies and LLPs need to record the information of individuals with significant control on a PSC register and filed with Companies House from 30 June 2016.
Information required and filing
The following information should be checked with the PSC and included in the register:
- name
- date of birth
- address (both residential and service)
- country of residence
- nationality
- which of the 5 conditions for being PSC are met
- date they became a PSC
- any restrictions on disclosing PSC information which are in place.
For companies and LLPs incorporated before 30 June 2016, they’ll need to provide a PSC register with their first confirmation statement to Companies House.
Contact us today to discuss business compliance.
