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People with Significant Control

From Wikipedia, the free encyclopedia

People with Significant Control is a business and corporate term used to identify key people within a company. It was introduced on 6 April 2016 as part of the Small Business, Enterprise, and Employment Act 2015.[1]

Under UK law it is a legal obligation to register the names, date of birth, home and work addresses, manner of control and other details of PSC with the government via Companies House.[2]

Once the PSC's identity has been verified they will then be added to the public list available on government websites.

On 26 June 2017, the law was amended to now also include the reporting requirement for the alternative investment market as well as a requirement to maintain their own PSC register in addition to public records.[3]

Qualifying as a PSC

In order to qualify as a PSC officially under UK law and government guidelines you need to meet the following criteria:[4]

  • You may reside in any nation as long as you can provide official government issues photo ID and proof of address.
  • You must own more than 25% of the company shares or...
  • You must control more than 25% of the company's voting rights or...
  • You must be directly responsible for a significant segment or activity of the company i.e. Chairman of the board, CFO, CEO, COO, Vice President etc. or...
  • You must control or contribute to at least 25% of the company's finance or...
  • You must have direct control and/persuasion over significant proportions of primary business activities.

PSC may be a director, board member or registered as a PSC in their own right.

References

  1. ^ "News - Public register of people with significant control". www.ey.com. Retrieved 2017-08-09.
  2. ^ "PSC requirements for companies and limited liability partnerships - GOV.UK". www.gov.uk. Retrieved 2017-08-09.
  3. ^ "Reporting Burden Increased for UK's People With Significant Control Regime | Insights | Skadden, Arps, Slate, Meagher & Flom LLP". www.skadden.com. Retrieved 2017-08-09.
  4. ^ "PSC requirements for companies and limited liability partnerships - GOV.UK". www.gov.uk. Retrieved 2017-08-09.
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People with Significant Control
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