Nov 23, 2018
A person with significant control (PSC) of a company is someone who:
– Has more than 25% of the total shares of the company and/or
– Has more than 25% of voting rights in the company and/or
– Has the right to appoint or remove the majority of the board of directors.
Even a ‘shadow’ controller can’t really escape this definition. The old name for such a person is a ‘beneficial owner’; someone who has significant control of the company and gets benefits in cash or in kind.
The historical background to this new record is so that criminals can’t hide so easily who actually benefits from a company.
Those who wish to hide money offshore are very happy to use company registers which do not list a company’s shareholders. The UK still has a certain touch of class which the Seychelles does not. Its use as a register of a company is reassuring to investors.
This has attracted dirty money from other countries, to the embarrassment of the UK government. The PSC register is a partial answer to this concern.
A PSC register for a person contains the following information:
– Personal name;
– Date of birth (the full D.O.B will not be displayed publicly);
– Country of residence;
– Service address (this will be displayed publicly);
– Residential address (Not publicly displayed);
– Date they became a PSC in your company;
– Date they were entered into into your PSC register;
– Their shares and voting rights, in these proportions:
— Over 25% and up to and including 50%;
— Greater than 50% and less than 75%;
— 75% or more.
The PSC register is updated in an ongoing fashion i.e. you don’t wait until your annual Confirmation Statement is due to inform Companies House who has significant control of your company.
You may file as many confirmation statements as you want throughout the company accounting year (but only pay the Confirmation Statement fee to Companies house once during that year).
Companies need to report PSC changes to Companies House at the time they happen. Companies are required to maintain their Register of People with Significant Control.
Companies and LLPs have 14 days to update their PSC register after a significant personnel change occurs, and then a further 14 days to submit that change to Companies House. Companies still have to file at least one Confirmation Statement per company year.
Certain PSC information, such as the day of a PSC’s date of birth and usual residential address, is accessible only by specific public authorities. PSC information held on the public record is available to law enforcement agencies, with no exceptions.
– Existing clients can add or remove a Director or Shareholder via their account dashboard.
– Existing clients can buy an update to their PSC register via their account dashboard.
– New clients can buy it as part of their registration with RegisteredAddress.co.uk.
Please note: If you did not form your Ltd company on RegisteredAddress.co.uk’s platform then we will need to first get authorisation from Companies House to do filings on your behalf. This process can take 14-28 days to complete as you have to email us the authentication code (which we will apply for) once you receive the letter from Companies House.