Register of persons with significant control requirement introduced

As of 6 April 2016, all companies and limited liability partnerships (LLPS) must now keep a register of persons with significant control (PSC).

A PSC register is required for those who have ‘significant control’ over the company and come under the conditions listed in the legislation.

For companies these are:

  • owns 25% of the company shares
  • owns 25% of the voting rights
  • the right to appoint or remove a majority of directors on the board
  • has significant influence or control over the company
  • has significant influence or control over a trust or company that meets one of the other conditions.

The following criteria apply for limited liability partnerships (LLPs):

  • owns more than 25% of surplus assets on a winding up
  • owns 25% of the voting rights
  • the right to appoint or remove a majority of people involved in management
  • has significant influence or control over the company
  • has significant influence or control over a trust or company that meets one of the other conditions.

Both companies and LLPs need to record the information of individuals with significant control on a PSC register and filed with Companies House from 30 June 2016.

Information required and filing

The following information should be checked with the PSC and included in the register:

  • name
  • date of birth
  • address (both residential and service)
  • country of residence
  • nationality
  • which of the 5 conditions for being PSC are met
  • date they became a PSC
  • any restrictions on disclosing PSC information which are in place.

For companies and LLPs incorporated before 30 June 2016, they’ll need to provide a PSC register with their first confirmation statement to Companies House.

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