The PSC register, also known as the Person of Significant Control Register, is a register of all individuals and/or legal entities with significant control over the company. The aim of this is to increase transparency of companies by clearly showing who essentially owns or controls a UK company.
How do you become a PSC?
In order to become a PSC, an individual or legal entity has to meet one or more of the following criteria:
- Directly or indirectly holds more than 25% of a company’s share capital
- Directly or indirectly holds more than 25% of a company’s voting rights
- Directly or indirectly holds the right to appoint or remove the majority of the board of directors
- Holds the right to exercise or, actually exercises, significant influence or control over the company.
- Holds the right to exercise or actually exercises significant control over a trust or company that meets any of the other 4 conditions.
What information needs to be entered if the PSC is an individual?
If you register an individual as a PSC you will need to provide the following information:
- First & Last name
- Date of birth
- Country of residence
- Service address
- Residential address (not available on public record)
- The date on which they became a PSC
- Which condition has or have been met which qualifies the individual as a PSC
What if the PSC is a RLE (relevant legal entity)?
If you register a corporate entity as a PSC you will need to provide the following information:
- Registered name
- Principal office
- The company register on which the company appears (e.g.: Companies House)
- Company registration number
- The law under which the RLE is governed
- The date on which the RLE became a PSC
- Which condition has or have been met which qualifies the relevant legal entity as a PSC
Changes in the regulation
As of June 2017, a company has 14 days to update its PSC register following a change in the PSC information. Once the information updated, it has another 14 days to notify Companies House by filling the appropriate forms (e.g.: PSC01, PSC09, etc.)
What if I do not have a PSC?
If you are certain that your company has no PSC or if you are granted an exemption you must enter the following declaration on the register:
“The company knows or has reasonable cause to believe that there is no registrable person or registrable relevant legal entity in relation to the company.”
If you would like more information or have any questions about the PSC Register or any company secretary related questions
, then please do not hesitate to contact us at 020 8429 9245 or send us an email at [email protected]