PKB Partner, Steve Greehy, provides a brief introduction to the register of people with significant control (PSC register).
What is the register of people with significant control?
From June 2016, The Companies Act 2006 requires all companies, societas europaea (SEs) and limited liability partnerships (LLPs) to identify and record the people, who own or control their company. These people may be the same as existing shareholders, or they may be different. Companies, SEs and LLPs will need to keep PSC information in their own registers, in addition to the existing register of directors, and register of members (shareholders), and must file the PSC information with the central public register at Companies House.
The PSC register will help to increase transparency over who owns and controls UK companies and will help inform investors when they are considering investing in a company. It will also support law enforcement agencies in money laundering investigations.
What does a company need to do?
An officer of the company is required to:
- Identify the people with significant control (PSC) over the company and confirm their information;
- Record the details of the PSC on the company’s register;
- Provide this information to Companies House as part of the Confirmation Statement (formerly the Annual Return); and
- Update the information on the company’s register when it changes, and update the information at Companies House when you make your next Confirmation Statement.