Are you a Person with Significant Control?
Companies House is seeking to improve the integrity of data included on the Register of Persons with Significant Control.
In very simple terms, where any person or relevant legal entity (a) holds more than 25% of a company’s shares or more than 25% of member voting rights, or (b) holds the right to appoint the majority of the board of directors, or (c) has the right to exercise (or actually exercises) significant influence or control over a company, that person or entity is required to have specific details recorded on the register of persons with significant control (the PSC Register).
Since the introduction of the PSC Register in June 2016, there has been a dearth of data as companies have failed to provide and maintain the requisite information. According to Companies House internal statistics, 130,000 UK companies have so far failed to complete the Register and a considerable number of companies fail to either record the correct information or keep their PSC Register up to date.
A PSC Compliance team is due to contact companies who have not yet filed details of their PSC and to help correct details which may be inaccurate.
Attempts are also underway to reduce the length of guidance notes to a single A4 page.
Is your PSC Register up to date? We can provide assistance in identifying your company’s persons with significant control and filing the correct forms at Companies House.
This update is for general purposes and guidance only and does not constitute legal or professional advice. You should seek legal advice before relying on its content. For advice, get in touch with your usual Greenwoods GRM contact or scroll down to complete our enquiry form.