What is the register of people with significant control?
Since 6th April 2016, UK incorporated companies (& LLPs) have been required to collect and keep information about the people with significant control over them (PSCs). This includes those who own or control (directly or indirectly) more than 25% of the entity. Companies are required to file this information with Companies House.
Collecting, keeping and updating information about PSCs can be an onerous requirement particularly for companies with a wide and disparate shareholder base or where shares are held by nominees or trusts etc. However criminal sanctions apply for non-compliance and even if a company has no interests to be registered (or is dormant), it must still keep a register and the register cannot be blank.
The PSC regime can be complicated, particularly as to what constitutes a “person of significant control”. Our guidance and group of template documents relating to PSCs provides much greater detail and can be accessed here .