UK introduces “PSC Register”

From 6 April 2016, most UK companies and LLPs will be required to keep a “PSC Register” in which they list “People with Significant Control”,

People with significant control are mostly individuals who have significant control over the company or LLP, because they

  • directly or indirectly own more than 25% of the shares ;
  • directly or indirectly hold more than 25% of the voting rights ;
  • directly or indirectly hold the right to appoint or remove the majority of the board of directors ;
  • otherwise have the right to exercise, or actually exercise, significant influence or control ;
  • hold the right to exercise, or actually exercises, significant influence or control over the activities of a trust or firm which is not a legal entity, but would itself satisfy any of the first four conditions if it were an individual.

This obligation applies to incorporated companies limited by shares (even dormant companies), companies limited by guarantee (including Community Interest Companies (known as CICs), the societas europaea and LLPs.

It does not apply to companies that are officially listed or traded on AIM.

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