What is the register of people with significant control?
UK companies, Societates Europaeae (SEs) and Limited Liability Partnerships (LLPs) are required from 6 April 2016 to identify and record the people who have significant control over the company.
Companies, SEs and LLPs will need to keep a PSC register, in addition to existing registers such as the register of directors and register of members (shareholders). They must also file relevant information with the central public register at Companies House from 30 June 2016. SEs and LLPs will need to refer to the full guidance.
There are five specific conditions whereby a person may have significant control however the most relevant condition is where a person has more than 25% of the voting rights of a company.
The PSC register will help to increase transparency over who owns and controls UK companies and will help inform investors when they are considering investing in a company. It will also support law enforcement agencies in money laundering investigations.
Every Company must have a PSC Register even if there is nothing to disclose and a set of standard wording will need to be input on to the register for those companies who do not have a PSC or cannot identify a PSC.
THE PSC REGISTER CAN NEVER BE BLANK. Whilst the task of producing and maintaining your PSC register will most likely be the responsibility of the person who undertakes your Company Secretarial duties, from 30 June 2016 Companies House will, based on your Annual Return/Confirmation, have and provide details of those forming your PSC Register.
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