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14 December 2018 You are not logged in. Login now.

What is a PSC register?

psc registerFrom 6th April 2016 it was a requirement for all UK Companies, LLP’s and social enterprises to keep a record of ‘People with Significant Control’ (PSC) in their organisation. UK Companies have to gather this information in preparation for filing an official register with Companies House from 30th June 2016. The new regulations have been introduced to provide transparency regarding who owns and controls UK companies.

The company is responsible for identifying any people who are considered to be a person with significant control, record their information in their PSC register and also register the details with Companies House by the required date using the new check and confirm statement which will replace the annual return filing system. There are different requirements people must meet to qualify as a person with significant control. Companies House have provided the following conditions as guidance:

  • A person who owns more than 25% of the company’s shares.
  • A person who holds more than 25% of the company’s voting rights.
  • A person who holds the right to appoint or remove the majority of directors
  • A person who has the right to, or actually exercises significant influence or control
  • A person who holds the right to exercise or actually exercises significant control over a trust or company that meets any of the other 4 conditions.

You will need to record the person’s name, date of birth, nationality, country of residence, service address, residential address, the date they became a person with significant control and the condition they meet to qualify as a person with significant control. A person’s residential address is not disclosed to the general public when presenting the register for inspection in the same way a company director’s home address is not provided to the general public.

All new company formations also need to provide PSC information at the time of ordering. When incorporating a new company you are asked to confirm who the PSCs are for the company. This is then recorded at Companies House.

Introducing PSC filing was intended to provide greater transparency to UK limited companies. However, it may be argued that unless this information is verified by Companies House, the regulations simply pay lip service to an issue that they were hoping to improve.