What is a PSC Register?

What is a PSC Register?

From 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). UK Companies have to gather this information in preparation for filing an official register. UK companies aree required to record the information at Companies House from 30th June 2016. The company is responsible for identifying any people who are considered to be a person with significant control. Companies need to record the information in their PSC register and also register the details with Companies House. You will provide the details using the new check and confirm statement which will replace the annual return filing system.

Who can be a Person of Significant Control (PSC)?

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.
  • An individual 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
  • An individual 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. When a company presents its registers for inspection the home address is not provided to the general public. The PSC has the option to record a service address which is different to their home address.

UK companies that are incorporated from 1st July 2016 are required to provide the details of the PSC at the time of incorporation. Due to this the PSC details are recorded at Companies House on the public database.

The PSC filing regulations provide greater transparency to UK limited companies. However, some people argue that unless this information is verified by Companies House, the regulations simply pay lip service to an issue that they were hoping to improve.

By |2018-01-17T16:41:24+00:00May 18th, 2016|Categories: Companies House, Company Formation, Document Filing|0 Comments

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