What is a PSC?

tiemadmin • 17 September 2024

PSC stands for Person with Significant Control . It is a legal term used primarily in the United Kingdom under company law. A PSC is someone who holds significant influence or control over a company. Companies in the UK are required to identify and register their PSCs with Companies House to ensure transparency about who owns and controls companies.

A person can be classified as a PSC if they meet one or more of the following criteria:

  1. Holding more than 25% of shares in the company.
  2. Holding more than 25% of voting rights in the company.
  3. Having the right to appoint or remove the majority of the board of directors.
  4. Exercising significant influence or control over the company.
  5. Having control over a trust or firm that meets any of the above conditions.

This register of PSCs helps combat issues like money laundering and tax evasion, ensuring there is transparency in company ownership and control.

PSC Register Requirements

Every UK company (unless exempt) is required to maintain a PSC Register and submit it to Companies House. This register must be kept up-to-date and include information on all PSCs. The process ensures transparency in company ownership and helps regulators, and the public, understand who controls UK companies.

Information Required for the PSC Register

For each person or legal entity classified as a PSC, the following details must be recorded:

  1. Full name
  2. Date of birth
  3. Nationality
  4. Country of residence
  5. Service address (this can be different from their residential address)
  6. Residential address (this is not made public)
  7. The date they became a PSC
  8. Which of the PSC conditions they meet (e.g., holding over 25% of shares)
  9. Details of any significant influence or control they have over the company

The post What is a PSC? appeared first on Feldon Accountancy.

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