Companies House has issued a reminder that from now on, companies will have to declare who owns or controls them as part of the information they file, as the regime for the People with Significant Control (PSC) register came into force on 30 June 2016
The register includes information about the individuals who own or control companies including their name, month and year of birth, nationality, and details of their interest in the company, and forms part of the government’s bid to improve corporate transparency.
From 30 June 2016, UK companies (except listed companies) and limited liability partnerships (LLPs) need to declare this information when issuing their annual confirmation statement to Companies House.
A person of significant control is defined as someone that holds more than 25% of shares or voting rights in a company, has the right to appoint or remove the majority of the board of directors or otherwise exercises significant influence or control.
This information will form a central public register of people with significant control, which is free to access. The UK is the first country in the G20 to create a public register of this kind.
Guidance about the PSC register is here.
