From the 30th June 2016, all newly incorporated UK Companies are required to identify and record the people who own or control their company. The people who own or control the company are known as a person with significant control (PSC) within the company. A PSC is popularly referred to as the ‘beneficial owners’ of a company.
What is a PSC?
A PSC is a person which has significant control over a company. It is usually a Director or Shareholder within the company, however depending on the company circumstance the PSC could be a different person. For example, if you are using our Nominee Director and Shareholder service you would be required to provide details of the ultimate beneficial owner (PSC).
Companies already incorporated will be required to provide details of PSC’s in the next confirmation statement (previously called the annual return) when it is due to be filed.
When did the PSC changes come into place?
- From 06 April 2016, new and existing UK Companies were required to keep a register which contained the details of the PSC’s
- From 30 June 2016, at the time of incorporation all new UK Companies are required to provide details of who the PSC’s are within the company
- From 30 June 2016, the yearly requirement of filing an annual return changed to a confirmation statement. Within the confirmation statement, you are required to provide the PSC’s details
How are CFS PSC changes different to other formation agents?
- CFS create the PSC register for you – this is sent to you with your incorporation documents
- CFS provide a blank PSC register so that you are able to add more PSC’s to your company, if required
- The PSC Register can be shown on public records with Companies House - CFS would not recommend this, as the PSC Register displays personal data such as the residential address and full date of birth. The register that CFS provide is not recorded with Companies House and can be held by yourself or CFS
- CFS complete the full PSC register for you – saving you time and money
- You can specifically indicate who the PSC’s will be within the company
What information is shown on the PSC register?
- For the PSC register that CFS create, the following information is shown for individual PSC’s:
- Company Name
- Company Number
- Date of Entry
- PSC Name
- Correspondence Address
- Residential Address
- Date of Birth
- Nature of Control of the PSC
- CFS show all the Nature of Control’s on the register so that you are able to amend this at any point
- If you choose to change the information on the PSC register, this information should be recorded on the next confirmation statement that the company files