The Register of People with Significant Control (PSC) is a public register that lists individuals who have significant control over a UK company. The purpose of the PSC register is to increase transparency and accountability in company ownership, and to help to prevent money laundering and other financial crimes.
The following individuals are required to register on the PSC register:
- Individuals who own more than 25% of the shares in a company
- Individuals who have control of a company through other means, such as by holding more than 25% of the voting rights or by being a director or shadow director of the company
- Individuals who are beneficial owners of a company, even if they do not own any shares or hold any voting rights
The following information must be included on the PSC register:
- The name of the individual
- The date of birth of the individual
- The nationality of the individual
- The usual residential address of the individual
During your company formation, we will ensure all relevant parties are included on the PSC register, by submitting a PSC registration form and to Companies House.
Companies that fail to register on the PSC register can be fined up to £5,000. Individuals who fail to register on the PSC register can be fined up to £2,500.
The benefits of registering on the PSC register include:
- Increased transparency and accountability in company ownership
- Help to prevent money laundering and other financial crimes
- Protection for creditors and other stakeholders in a company
In short, the PSC register is a tool that helps to make companies more transparent and accountable. This can help to prevent money laundering and other financial crimes, and it can also protect creditors and other stakeholders in a company.
If you are a UK company, you should make sure that you are aware of the PSC register and that you are complying with the requirements.
Published: 7/12/2023 5:23:23 AM