New Register of People with Significant Control (PSC)

law and PSC register

© Eva Caletkova / Portfolio

From 6th April 2016, most UK companies and LLPs are required to take steps to identify and record people with significant control over them (PSCs). This includes anyone who owns or controls (directly or indirectly) more than 25% of the entity.

From 30th June 2016, companies and LLPs (Limited Liability Partnerships) must file this information at Companies House.

PSC Register - Companies need to:

• take reasonable steps to identify those who should be registered on a PSC register; this is likely to include considering the register of members, the articles of association, and any shareholders agreement;
• record the PSC’s details on a PSC Register and keep the register up to date;
• make the register available for public inspection; and
• provide this information to Companies House.
Even if a company has no interests to be registered (or is dormant), it must still keep a register and the register cannot be blank. Criminal sanctions apply for non-compliance.

Identifying PSCs

Every company must take reasonable steps to find out whether it has any registrable PSCs and identify them. The legislation sets out detailed procedures for doing this. This includes the company giving notice to anyone whom it either knows to be registrable.

We will inform you soon, in more detail, about the PSC register. If you need any help with this complex area, including documentation, we shall be pleased to advise.

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