PSC register - Keeping a register of people with significant control

6th April 2016

The next measure of the Small Business Enterprise and Employment Act comes into force on 6 April 2016.

Companies, LLPs and SEs now need to start keeping a register of people with significant control (the PSC register).

A “person with significant control” (PSC) is someone in the company who:

owns more than 25% of the company’s shares
holds more than 25% of the company’s voting rights
holds the right to appoint or remove the majority of directors
has the right to, or actually exercises significant influence or control
holds the right to exercise or actually exercises significant control over a trust or company that meets any of the other four conditions.

It is now necessary to keep details of the PSC as part of the company register (PSC register), as these need to be available for inspection.

From 30 June, firms will start submitting this information when filing confirmation statements, or when companies, LLPs and SEs are incorporated.

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