All UK companies and LLPs are required to maintain a register of people with significant control (PSC) over the company (or LLP).
A person with significant control over the company is defined as an individual who (either alone or as one of a number of joint holders of the share or rights in question) meets one or more of the following conditions:
- an individual who holds, directly or indirectly, more than 25% of the shares in the company;
- an individual who holds, directly or indirectly, more than 25% of the voting rights in the company;
- an individual who holds the right, directly or indirectly, to appoint or remove a majority of the board of directors of the company;
- an individual who has the right to exercise, or actually exercises, significant influence or control over the company; and
- a trust or firm (without legal personality) that meets any of the above conditions and an individual who has the right to exercise, or actually exercises, significant influence or control over the activities of that trust or firm.
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Specific information, referred to as ‘required particulars’ in the People with Significant Control (‘PSC’) legislation, must be shown in a PSC register for each individual who is a PSC, as well as for any legal entity (such as a company or a limited liability partnership (LLP)) that is a ‘registrable legal entity’ in relation to your company and certain prescribed bodies.