People with Significant Control or PSCs are individuals within a Limited Company that exercise significant influence or control over key decision making matters. Broadly speaking this would include any such individuals.
- A person, corporate entity or trust holding more than 25% of the issued shares
- A person, corporate entity or trust holding more than 25% of the voting rights
- A person, corporate entity or trust that holds the power to remove the majority of the board of directors from the company
- Or otherwise has the right to exercise significant influence on a company’s decision making
From April 2016 all companies must maintain a register of their PSCs, from June 30th 2016 this information will gradually be submitted to Companies House via the Confirmation Statement and will populate the register of Persons with Significant Control at Companies House.
A corporate body or trust can also be registered as a PSC providing it in turn resides within a jurisdiction that mandates it to keep a register of it’s own PSCs. These corporate entities are referred to as Registrable Legal Entities (RLEs).