This applies to Companies and Limited Liability Partnerships.
In this context PSC is a shorthand for “Person with Significant Control” and should not be confused with PSC as a shorthand for “Personal Service Company”
You are required to keep a register of the people who control your company (PSC’s – People with Significant Control). There are criminal penalties if you do not do this.
In most organisations a PSC would be an individual who:
- Holds more than 25% of the company’s shares
- Holds more than 25% of the company’s voting rights (this is usually aligned to the shareholding)
- Has the right to appoint or remove the majority of directors.
Or for an individual who does not meet the above conditions, anyone who:
- Has the right to, or actually exercises, significant influence or control over the company
- Has the right to, or actually exercises, significant influence or control over a trust or company that meets one of the above conditions.
The Register of People/Persons with Significant Control is a permanent official record, which must be set up and updated as and when the persons or their particulars change. You can keep this register in any form that suits you, but it must include the key information which is required by law, including:
- Full name of PSC
- Correspondence Address (normally linked to the Registered Office
- Residential Address (will not be shown on the public record)
- Date of Birth
- Country of Residence
- Nationality
- Nature of Control (see above)
We have produced a template for the PSC Register, which can be downloaded and used if you wish to.
Alternatively, you can make up your own version if you prefer, in any kind of format – spreadsheet, word document, on paper.
We ask our Limited Company and LLP clients to send us the register each year with your Year End Information, as we are required under Anti Money Laundering rules to check its details.