A limited company registered in the United Kingdom is to disclose the PERSON with SIGNIFICANT CONTROL (PSC) behind the company with Companies House.
Who is Person with Significant Control?
The PSC is anyone in your company who meets one or more of the conditions according to Companies Act 2006. He/she is someone who:
1) Owns more than 25% of the company’s shares.
2) Holds more than 25% of the company’s voting rights.
3) Holds the right to appoint or remove the majority of directors.
4) Has the right to, or actually exercises significant influence or control.
5) Holds the right to exercise or actually exercises significant control over a trust or company that meets one of the first four conditions.
The PSC names would be published on the Companies House website.
Where a nominee shareholder or a nominee director is present in your limited company for whatever reasons, your PSC in the case would be the person your nominee is representing in your company.
How to inform Companies House
You are required to register your PSC particulars with Companies House using the Companies House forms.
- PSC01 if your PSC is an individual.
- PSC02 if your PSC is an entity
- PSC03 for other registerable PSC
You must notify Companies House of your PSC details before you submit your confirmation statement.
Compulsorily, every limited company is required to disclose and keep the register of the person with significant control (PSC) and notify Companies House.
Conventionally, people use of nominee director and nominee shareholder to shadow the beneficial owner’s names for whatever reasons. With this PSC law came into force on 6 April 2016, beneficial owners would surface.
Generally, you must let the public inspect your register of the person with significant control.
Usually, your company’s must keep the following details of your PSC.
PSC who is an individual
- Full name
- Date of birth
- A service (correspondence) address
- Usual home address
- Country of residence
- Nature of control
- The date on which he/she became a PSC of your limited company
PSC who is a corporate body or legal entity
- Corporate or firm name
- The principal or Registered Office address
- The legal form of the entity – i.e. a partnership, a company or a trust etc.
- The Registrar of Companies of which the PSC registered with and its registered number given by the Registrar.
- Nature of control
- The date on which it became a PSC of your limited company.
Thereafter, you must also update any subsequent changes to your PSC particulars. At the same time, you notify Companies House with the updated information.
For example, you are to use the form PCS04, PSC05, PSC06 if you have changes in your PSC particulars. If you want to remove the existing PSC, use the form PSC07.
Companies House would prompt you to submit your PSC details when come to filing your company’s Confirmation Statement if you have not yet given your PSC details with them.