Under new guidance from Companies House, all limited companies (by shares, guarantee & partnerships) are required to record the details of the persons identified as owning and/or controlling the company. This must be kept in addition to the existing company register which records directors and shareholders.
The key differentiator between the new PSC register and the existing company register is that a person of significant control is not necessarily a majority owner or director in the company, and could simply be an investor or employee who wields significant control in the company.
Transparency. Providing greater information on who has control beyond the listed officers and shareholders of a UK company will help inform potential investors and also support law enforcement agencies in pursuit of money laundering investigations.
Additionally the below apply in limited circumstances, for further information you should consult Companies House directly
For each person on the PSC register you must keep:
You will be required to record the details of any individual who meets the above criteria in a basic register which must be kept at the company address, this register must be updated as and when any changes to the persons of significant control are made. You will then be required to submit the details of the PSC register to Companies House once every year during the new Confirmation Statement, formerly known as the Annual Return.
If you have registered your company with Duport Associates a digital PSC register will be provided to you via your duport.co.uk account
You can either maintain it digitally (digital registers are provided to Duport customers to manage) or keep a hard copy at the registered office address.
You can also elect to have a copy kept for you at Companies House, if you choose to do this however the full details of the register are available to the public, which includes dates of birth for all PSC's and other personal information which would not normally be visible.
If you find you are unable to answer all of your questions in this section, we are always delighted to hear from you.
Call us on 0117 950 2667 with any enquiries