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Person of Significant Control

21 June 2018

All companies and LLPs within the UK will be required to provide a PSC register, which will contain information regarding people with significant control of that particular company or partnership. This information must be sent annually to Companies House along with a confirmation statement. This article will set out the specific requirements pertaining to a PSC register, as well as who may be considered ‘persons of significant control.’

WHY HAS THE PSC REGISTER BEEN IMPLEMENTED?

The PSC Register has come into practice to make information such as who owns and has authority within UK companies more easily obtained. This will be an advantage to future customers and potential investors, as well as making investigations into money laundering more straightforward. The only companies exempt from this requirement will be those who already provide information regarding ownership of shares under the FCA’S disclosure and Transparency rules.

WHO IS A PERSON OF SIGNIFICANT CONTROL?

A person will be considered to have significant control of a company or partnership if they meet any of the following conditions:

  1. Holds 25% or more of the company shares, either directly or indirectly.
  2. Holds 25% or more of the voting rights within the company, either directly or indirectly.
  3. Has the right to appoint or dismiss the majority of the company’s board of directors.
  4. Holds substantial power or influence within the company.
  5. Holds substantial power or influence over the partners within a firm or trustees within a trust, of which the firms or trusts in question are not of a separate legal entity, and the partners or trustees would otherwise meet the other stated conditions.

A person with significant control is required to inform the company within one month of obtained this position.

WHAT WILL YOU BE REQUIRED TO DO?

All companies will be required to provide a PSC Register, recording accurately and frequently the details of the appropriate persons. They must also file all the information at the central public register at Companies House.

WHAT DETAILS DO YOU NEED TO PROVIDE?

For every person with significant control in the company, you will be required to provide their:

  • Name
  • Date of Birth
  • Nationality
  • Residential Address (this will not be made public knowledge)
  • Service Address
  • Date they were registered
  • The nature of control they hold.

For any legal entities, you will be required to provide:

  • The corporate name
  • Registered Office Address
  • Company Registration Number
  • Date of registration
  • Nature of control
  • Legal form and governing law

For a price of £30 + VAT, The Company Shop offers the new registers required. For more information, call us on 02890559955 or contact us online.

 

 

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Brendan Corr, Corr & Corr Chartered Accountants

 
 

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