As of 6 April 2016, all companies and limited liability partnerships (LLPS) must now keep a register of persons with significant control (PSC).

A PSC register is required for those who have ‘significant control’ over the company and come under the conditions listed in the legislation. These are:

• owns 25% of the company shares
• owns 25% of the voting rights
• the right to appoint or remove a majority of directors on the board
• has significant influence or control over the company
• has significant influence or control over a trust or company that meets one of the other conditions.

The following criteria apply for limited liability partnerships (LLPs):

• owns more than 25% of surplus assets on a winding up
• owns 25% of the voting rights
• the right to appoint or remove a majority of people involved in management
• has significant influence or control over the company
• has significant influence or control over a trust or company that meets one of the other conditions.

Both companies and LLPs need to record the information of individuals with significant control on a PSC register and filed with Companies House from 30 June 2016.

However, information and filing required. The following information should be checked with the PSC as well as included in the register:

• name
• date of birth
• address (both residential and service)
• country of residence
• nationality
• which of the 5 conditions for being PSC are met
• date they became a PSC
• any restrictions on disclosing PSC information which are in place.

It’s important to note that companies and LLPs incorporated before 30 June 2016, will need to provide a PSC register with their first confirmation statement to Companies House.