People with significant control
From 30 June 2016 companies have to deliver information regarding their PSC (people with significant control) to Companies House when making a confirmation statement.
Who is a person with significant control?
A PSC is anyone in the company who meets one or more of the conditions listed in the People with Significant Control Regulations 2016. A company can have more than one PSC. A PSC is a person who:
- holds, directly or indirectly, more than 25% of the shares;
- holds, directly or indirectly, more than 25% of the voting rights;
- holds the right, directly or indirectly, to appoint or remove a majority of directors;
- otherwise has the right to exercise, or actually exercises, significant influence or control over the company;
- has the right to exercise, or actually exercises, significant influence or control over the activities of a trust or firm which is not a legal person, the trustees or members of which would satisfy any of the four conditions above.
For most small companies, their PSCs are likely to fall into the first and second, and possibly the third, category above. The fourth and fifth categories are typically associated with more complex corporate structures.
From 6 April 2016, all companies must keep a register of PSCs. This is in addition to keeping other information, such as a register of members and a register of directors. You’re required to determine who has a controlling interest in your company and put this information into your register. You’ll then need to file the information that’s in your company’s PSC register at Companies House with your confirmation statement.
The following information must be provided about each:
- For an individual person with significant control:
- the date that individual became a registrable person
- their name, country/state of residence and nationality
- their service address
- their usual residential address (this is not shown on the public register)
- their full date of birth (this is not shown on the public register)
- the nature of their control over the company