UK Businesses Now Obliged to Publish Names of ‘People with Significant Control’
The PSC register applies to persons who hold more than a 25% share and will include all details of their interest within a company
UK businesses are now obliged to publish the names of people with ‘significant control’ of their company, due to new government legislation.
The register of People with Significant Control (PSC), will include information about the individuals who own or control companies, as well as personal information such as their name, month, year of birth and nationality.
A person of significant control is defined as someone who holds more than 25% of shares or voting rights in a company, or who has the right to appoint or remove the majority of the board of directors.
From 30 June 2016, UK companies (except listed companies) and limited liability partnerships (LLPs) will be required to declare this information when submitting their annual statement to Companies House.
Department for business minister, Baroness Neville Rolfe, said:
“Companies that disguise who owns or controls them are not playing by the rules and have something to hide. This register, the first of its kind in the world, will help tackle abuse of corporate entities.
“This is part of our commitment to creating an environment of trust and accountability for business.”