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.
Who is a person of significant control (PSC)?
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.
What is the purpose of the PSC register?
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.
Who qualifies as a Person of Significant Control?
- Any shareholder who owns upwards of 25% in the company
- Any person who holds upwards of 25% of voting rights in the company
- Any person who holds the right to either appoint or terminate the majority of the board of directors of the company
Additionally the below apply in limited circumstances, for further information you should consult Companies House directly
- Any person who has the right to exercise, or actually exercises significant influence or control over the company
- Where another company or trust would satisfy one of the first four conditions, any individual holding the right to exercise influence or actually exercising influence in company or trust
What information do I need to keep?
For each person on the PSC register you must keep:
- Name
- Residential Address
- Service Address
- Date of birth
- Nationality
- Date on which they became registrable
- Nature of the significant control held
What are my responsibilities?
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
Where do I keep the register?
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.
