A PSC (People with Significant Control) register is an internal document which must be held by all UK Limited companies. It must be kept up-to-date and stored within your company records. It was primarily introduced in 2016 to aid transparency for UK registered businesses. All existing and new registers businesses must comply to this.
It should hold basic information of the PSCs of the company such as names, addresses and reason as to why they are considered to be a PSC (hold more than a % of shares, voting rights, ability to remove and appoint directors etc.)
Please Note: Failure to keep a register is a criminal offence and company directors who do not comply could receive a fine and have their company closed down.
Steps to consider when dealing with the People of Significant Control of the company.
- Consider whether there are people who have significant control.
- Update the company's PSC register.
- Identify any changes to PSCs and keep the PSC register up to date.
- File PSC details at Companies House.
Simple Tip: We can store your company's PSC information on our online admin system via our PSC Register service. This will allow peace of mind that you will not lose your register as it is securely stored in our servers.
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