As a result of some changes to the Companies Act 2006 there is a new requirement for limited companies and limited liability partnerships to keep a statutory register of those individuals deemed, or being in the position of being able to exercise significant control or influence over the activities of the entity.
The company and its officers are required to report annually to Companies House on its contents.
We are happy to assist in this for our corporate clients and we will be happy to add this service onto our existing maintenance for our customers.
A person with significant control (PSC) can be an individual or a UK registered company. Individuals are PSC’s through direct or indirect shareholdings.
There are 5 conditions, any of which will result in you needing to be on the PSC register.
- Directly or indirectly holding more than 25% of the shares in the company
- Directly or indirectly holding more than 25% of the voting rights in the company
- Holding the right directly or indirectly to appoint or remove the majority of the board of directors
- Having the right to exercise significant influence or control over the company
- Exercising significant control or influence over the trustees of a trust or partners of a firm.
Information that needs to be reported would cover name, address, nationality, date of birth and the nature of the control. This can be maintained as part of the company records as a separate register. From June 2016 the information on this register will need to be sent to Company’s House. This is sent as part of your Confirmation Statement which replaces the current Annual Return. The central PSC register is available publicly on Companies House.
Each company is required to keep their own PSC register and make sure it is accurate and up to date. This is to be maintained on an ongoing basis and then reported annually.
We are active in making sure our customers remain compliant with all changes. If this is something you would like to know more about or any help with please contact one of our friendly accounts team who will be happy to help.