4 April 2016
From 6 April 2016 anyone who has to file information with Companies House will be required to keep a register of Persons with Significant Control (PSC). This is in addition to the register of members and the register of officers which were reported to Companies House on the Annual Return, usually on the anniversary of the Company’s incorporation.
From 30 June 2016 onwards the register of Persons with Significant Control (PSC) will need to be filed with Companies House on what will be called the Confirmation Statement which replaces the Annual Return.
So who is classed as a Person with Significant Control?
A PSC is an individual who meets one or more of the following conditions in relation to your company:
Let’s look at a couple of examples:
Companies owned or controlled by legal entities
A PSC is by definition an individual. However, your company might be owned by a legal entity such another Limited Company and/or a LLP. If this is the case, the legal entity must be included on the PSC register, but only if it is relevant and registerable.
A legal entity is relevant in relation to your company if:
A relevant legal entity should be registered by your company if it is the first relevant legal entity in your company’s ownership chain.
So what action will you need to take?
For most Companies and LLP’s it will be obvious who should be included and reported to Companies House as it will be detailed on the Confirmation Statement.
Where there are groups of companies, it may take a little more thought to see if there is a relevant and registerable legal entity that needs to be included on the PSC register.
If you would like advice as to who should be included on your register of Persons with Significant Control, please contact us and we will be happy to advise who you include.