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PSC07 Stop to be the Person with Significant Control

January 20th, 2020 companies house administration, confirmation statement
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Complete the form PSC07 to notify Companies House if you want to stop to be the person with significant control (PSC) for your limited company registered in the United Kingdom.

How to submit PSC07

For this purpose, you may submit your form online or on a printed paper. You would require your company’s authentication code if you are to submit your form online. For paper filing, please download the form from companies house website, print it on a white A4 size paper only and preferably single-sided and get the company’s director or company secretary, if any, to sign it before submitting it to Companies House.

When to submit PSC07

Common situations where you have to submit the form PSC07 to Companies House are:

Ready-made company

You just bought a ready-made company. Usually, you would have to submit the PSC07 to remove the exiting PSC that comes with the ready-made company. At the same time, you would also notify Companies House of your new person with significant control using the form PSC01.

Existing PSC stop to be the person with significant control

You are the existing person with significant control for your limited company. Subsequently, you transferred your entire company to a family member of yours. And, you hand over full control of the company at the same time.

In this situation, you would use the form PSC07 to notify Companies House that you had ceased to be the person with significant control. Concurrently, the other person submit the form PSC01 to give details of himself/herself.

The confirmation statement

Companies House requires every limited company to verify all your company’s details are still valid once every 12 months by submitting your confirmation statement. You have the opportunity to make sure the person with significant control registered with Companies House is correct. If the details are outdated, you can make the amendment accordingly.

Appoint company secretary

January 20th, 2020 companies house administration, confirmation statement, Public limited company (PLC), setup limited company
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Appoint UK company secretary for a public limited company is compulsory and it is optional for a private limited company.

A public limited company (PLC) must appoint a company secretary as required by the Companies Act. It is the duty of your company directors to take all reasonable steps to secure that your company secretary has the requisite knowledge, experience and qualifications. One of the reasons for such strict rules on appointment of secretary is that statutory filings for a PLC is stricter and more complex compared to a private company. Especially, a public limited company that have their shares quoted in the London Stock Exchange.

Skills and qualifications

Generally, your company secretary must have the following skills and qualifications detailed below. The person to hold the secretary position must be or have,

  • At least three of the five years immediately proceeding his appointment as your company secretary.
  • A barrister, advocate or solicitor called or admitted in any part of the United Kingdom.
  • Capable of discharging the functions of a company secretary.
  • Member of any of the professional bodies listed below.

Professional qualification

Additionally, the person to hold the company secretary position must be a member of at least one of the following professional bodies.

Exception

Whereas, there is an exception to the skills and qualifications required for the appointment of a company secretary for a private limited company.

If you wish to appoint a company secretary, the person does not need to have a professional qualification.

How to notify Companies House of your new company secretary

Use the form AP03 to notify Companies House for an appointment of your new company secretary. Subsequently, if you would like to change the details of your company secretary, please complete the form CH03 and deliver it to Companies House.

Thereafter, If you would like to remove your company secretary, please complete the form TM03.

Generally, Companies House requires every limited company to submit their confirmation statement once every 12 months. You would have the opportunity to update your company secretary’s information if there are any changes you have not yet notified Companies House.

PSC04 to change details of the person with significant control

January 18th, 2020 companies house administration, confirmation statement
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Generally, your company is required to keep and maintain the Register of Person with Significant Control by law. You may use the form PSC04 to change details of the person with significant control with Companies House.

Common examples, if you have recently moved to a new home or you have changed your name by marriage. In these situations, you would require to provide your new home address or new family surname. You must specify the date of the change too.

Change name by marriage

If you have changed your name either by marriage or by law, you must inform Companies House of your new name. You have also give details of when the change took place.

Home address same as the service address

If your home address is also your service address, you would require to state that fact. A service address is published on the public register where anyone can see it whereas home address is kept confidential. However, Companies House would not make it obvious to the public if you are to use your home address as your service address.

For this purpose, many people use their company’s registered office address as their service address. Both registered office and service address must not be a P O BOX address.

Update the Register of Person with Significant control

Thereafter, remember to update your Register of the person with significant control.

How to complete PSC04

Contact us If you require help to complete the form PSC04 to change details of the person with significant control with Companies House. Verify your PSC details when completing your Confirmation statement to ensure everything is up to date.

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