Have you heard this term before? If not, it is a Person with Significant Control or someone who controls your company, sometimes called ‘beneficial owners’.

Why, I hear you ask, am I even mentioning this? Well, Companies House issued a press release on the 20 February outlining the information and pointing out that it is now a legal requirement to identify these individuals within your company. In addition you have a legal duty to ensure they are entered onto the PSC Register at Companies House.

Now, if like us, you employ your accountants to carry out your company secretarial work, then this is something they should already be complying with. However, if you do your own, then read on…

How do you identify who these individuals are?
This can be accomplished by recognising anyone who ticks any of these headings:
• Someone who holds more than 25% of shares in the company
• Someone with more than 25% of voting rights in your company
• Someone who has the right to appoint or remove the majority of the board of directors
They also recommend you check the company’s register of shareholders and the constitution and articles of association.

Who does this apply to?
Basically any limited company including SE’s (Societates Europaeae), LLP’s (limited liability partnerships and ESP’s (Scottish partnerships)…basically any limited company. There are separate rules relating to PLC’s and Plc’s which you would need to verify with Companies House.

What does a company need to do?
An officer of the company is required to:
• Identify the people with significant control (PSCs) over the company and confirm their information
• Record the details of the PSC on the company’s own PSC register within 14 days
• Provide this information to Companies House within a further 14 days
• Update the information on the company’s own PSC register when it changes within 14 days, and update the information at Companies House within a further 14 days
• Confirm to Companies House that information on the public register is accurate, where it has not been updated in the previous 12 months.

What information do you need to provide?
• Name
• Date of birth
• Nationality
• Country, state or part of the UK where the PSC usually lives
• Service address
• Usual residential address (this must not be disclosed when making your register available for inspection or providing copies of the PSC register)
• The date he or she became a PSC in relation to the company
• Which conditions for being a PSC are met
• Whether an application has been made for the individual’s information to be protected from public disclosure

Finally, failure to comply with this requirement is a criminal offence which could result in a fine and / or prison sentence of up to two years.
You can find out more information at: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/621568/170622_NON-STAT_Summary_Guidance_4MLD_Final.pdf