From that date, every entity subject to the regime must have a PSC register and that register can never be empty: it must either contain prescribed wording setting out the status of its investigations into its PSCs or the prescribed information about those PSCs.

An individual who meets one of the following five conditions will be a PSC:

• holding more than 25% of the shares;
• holding more than 25% of the voting rights;
• having the right to appoint or remove a majority of the board of directors;
• otherwise having significant influence or control over the company; or
• having significant influence or control over a trust or firm (without a legal personality) which in turn satisfies one of the first four conditions in relation to the company.

Where one of the above conditions is met by a legal entity, such as another company or an LLP rather than an individual, details of that legal entity must be included in the company’s PSC register if the legal entity: