The Small Business, Enterprise and Employment Act 2015 made changes to the Companies Act 2006, creating a requirement that companies keep a new register detailing the individuals or legal entities that have control over them, known as a People with Significant Control Register or a PSC Register.
The requirement to keep a PCS Register was introduced as part of the government’s commitment to improve the transparency of companies to state publicly who owns and controls UK businesses. Previously, it was only listed companies who had to publish this information.
Since 6 April 2016, the majority of UK companies and LLPs have been required to maintain a PSC register, which must be filed at Companies House as part of the first annual confirmation statement, which will replace the annual return from 30 June 2016.
The details of any individuals who meet the criteria of having significant control need to be entered in to the register. The PSC register can also contain details of corporate entities that have control if they are classed as Registerable Legal Entities (‘RLEs’) under the legislation. The definition of a RLE includes UK companies as well as overseas incorporated companies that are listed on certain specified, regulated markets. Where a non-UK company has control but does not meet the definition of a RLE, it is necessary to identify the individuals behind that company.
We have produced a short guide which details the tests used to decide whether a person or legal entity has significant control over your company and explains the definition of a RLE.
London Registrars offers a range of corporate governance, risk and compliance services. As part of our basic company secretarial support service we would hold and maintain your company’s statutory registers, including the PSC register, securely at our central London office, file changes with Companies House, and prepare and file your company’s annual return or confirmation statement. For an informal, no obligations discussion on how we can assist you, please contact us.