Register of People with Significant Control

Register of People with Significant Control

Businesses should already be aware that as of last April Companies House introduced a register of the people with significant control (PSC) of a company. This was done when submitting the company’s annual confirmation statement (which replaced the annual return in June 2016).

Companies House have now introduced a requirement to update the PSC register within 14 days of any change, rather than waiting until submission of the confirmation statement.

For those not yet familiar with who qualifies as a PSC they are:

  1. people who hold more than 25% of a company’s shares
  2. people who hold more than 25% of a company’s voting rights
  3. people who have the right to appoint or remove the majority of directors
  4. any individuals who have the right to exercise or actually exercise significant influence or control
  5. where a trust or a firm meets one of the first three statements above, any individuals with significant control or influence over that trust or firm

A link to the legislation making the changes can be found here:

http://www.legislation.gov.uk/uksi/2017/693/contents/made

 

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