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Companies must identify ‘People with Significant Control’

Posted: 3rd April 2018   In: Corporate Commercial

Companies House has issued new guidance to help directors comply with regulations relating to identifying and recording who owns or controls the business.

The owner or the person who makes the key decisions is known as a Person with Significant Control (PSC) or the ‘beneficial owner’.

Companies must identify their PSCs when registering with Companies House. If they believe they don’t have one, they must explain why.

Most PSCs are likely to be people who hold:

A PSC might influence or control a company through other means. This could be directly, or on behalf of someone else. For example, someone who tells the directors or shareholders what to do.

If a trust or firm influences or controls a company and meets any conditions of control described above, they must be identified as a PSC of the company.

Companies need to confirm certain details with their PSC and record them in the PSC register. These details are:

You must include the level of their shares and voting rights, within the following categories:

A PSC must provide the required information. If they fail to do so they would be committing a criminal offence.

Please contact Simon Porter if you would like more information about the issues raised in this article or any aspect of company law.