Register of People with Significant Control (PSC Register) accessible to the public from 30 June 2016

From 6 April 2016, all UK companies and limited liability partnerships (LLPs) have been required to maintain a register of the people who have significant control over them. This register is known as the “PSC Register”.

As of 30 June 2016, the PSC Register will be accessible to the public through Companies House. The main aim of which is to increase the transparency of who owns or controls companies and LLPs.

Failure to maintain the PSC Register is a criminal offence, which can result in a fine or term of imprisonment.

Detailed guidance can be found on the Gov.uk website.

Identifying PSC

The PSC Register identifies the individuals who ultimately own or control more than:

• 25% of a company’s shares (or 25% of an LLP’s assets);
• 25% of a company or LLP’s voting rights; or
• Otherwise exercise control over the company or LLP and its management.

Information on the PSC Register

Information to be included on the PSC Register is as follows:

• name;
• date of birth;
• nationality;
• part of the UK where the individual usually lives;
• service address;
• usual residential address;
• the date the individual became a PSC of the company;
• which conditions the individual satisfies to be a PSC

However, a PSC’s residential address and date of birth will only be available from Companies House to credit reference agencies and certain public authorities (unless it is also the service address, in which case it will be disclosed to the general public).

Disclosing information relating to a PSC can be avoided in exceptional circumstances, such as where there is a serious risk of violence or intimidation.

Obligations on a company or LLP

• Take reasonable steps to identify the individuals with significant control and confirm their information for the PSC Register;
• Record the information of the PSCs on the Company or LLP’s register and make it available for inspection;
• Provide the information of the PSCs to Companies House as part of the annual Confirmation Statement (formerly the Annual Return);
• Update the information of the PSCs on the Company or LLP’s register as and when it changes; and
• Update changes to the information of the PSCs at Companies House at the next annual Confirmation Statement.

Obligation on PSCs

• Provide the Company or LLP with the information for the PSC Register – Failure to do so is a criminal offence.

Ellis Jones provides a full company secretarial support either on a transaction basis or as an annual company secretarial service. If you would like advice and assistance to ensure you comply with the new PSC Register, contact us on 01202 057756 or businessservices@ellisjones.co.uk