‘Register of People with Significant Control’ (PSC Register) a form used to inform Companies House of any change of details of a person with significant control was launched by Companies House in April 2016.
It is used to notify Companies House of any changes to the details of an individual person with significant control using the Change of Details of Individual Person with Significant Control (PSC) form (PSC).
Limited liability corporations, Societates Europaeae, and private limited companies in the UK are now required by law to enter the details of individuals who have direct control or influence over the business into the register.
When filing their first confirmation document, formerly known as their first annual report, companies must send this information to Companies House’s central public register.
Initially, the government created the Register in order to make ownership problems more clear.
In a nutshell, it was created to increase trust and communication by allowing other businesses and trading partners, the government, and the general public to see who owns and manages companies in the UK.
Furthermore, the government hopes that by collecting this information, it will be able to crack down on activities such as tax evasion and money laundering.
What exactly is a PSC?
If an individual meets any of the following requirements, they have substantial influence over a company:
- The person has or has the right to have substantial influence or control over the company.
- Over 25% of the nominal share capital is held by the individual, either directly or indirectly.
- Over 25% of the votes at general meetings are controlled by the voter, either directly or indirectly.
- The person has direct or indirect influence over the selection or dismissal of a majority of the board members.
- The person has or retains the right to monitor or influence any trust or firm that has a major impact on the business.
If an individual fits anyone of those criteria, he or she is eligible to be named “Person with significant Control” and therefore needs to be registered.
What can be done to make changes?
In order to make these changes, the company must complete a PSC04 Form, also known as the ‘Change of Information of Individual Person with Significant Control’ (PSC), as required by Sections 790M and 790ZA of the Companies Act (2006).
On this form, you must provide the existing information as well as the revised information, such as the person’s name, ethnicity, address (both residential and business), the date they became a PSC, and the change in the nature of control.
You will do this when you file your next confirmation statement.
There are several forms when it comes to PSC. From PSC01,used for new individual PSC, to PSC09, that is used to notify of PSC statements indicating that a company has taken reasonable steps to find out if there is anyone who is a registrable. All these forms are related to Person with significant control.
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CAN AND CANT’S FOR PSC04 FORM
- This form can be used to notify a person with substantial control of a change to their personal information (PSC)..
- This form cannot be used to update or change the information of a related legal entity (RLE) or another registrable individual (ORP) (use PSC06).
Address for PSC04 Form
This address will be available to the public.
It is not necessary for this to be the individual’s home address.The individual’s residential address will be made public if you include it here.
If the individual’s usual mode of transportation is not accessible, please complete Section 5a.
PSC04 – Change the details of your person with significant – Expanded
Companies House should be notified of any changes to the details of an individual person with significant control using the Change of Details of Individual Person with Significant Control (PSC) form (PSC).
Companies must provide information on their register to Companies House within 14 days of making a change to their own register as of June 26, 2017.
It is essential to keep the information on a company’s register and the PSC register at Companies House up to date.If a person PSC is applying for or has applied for immunity from getting their data disclosed on the public registry, this form should not be used.
Information registered with Companies House must be kept up to date. This form cannot be used by a person who has applied for immunity from getting their data disclosed to the public.
In general, the legislation requires the business to hold and maintain the Register of Persons with Significant Control.
You may update the information of the individual with significant control with Companies House using form PSC04.
If you’ve recently moved to a new home or changed your name due to marriage, these are two examples.
You’ll need to include your new home address or family surname in these cases.
You must also include the date of the changes.
Changing your name because of Marriage
You must notify Companies House if you have changed your name, whether by marriage or by statute.
You must specify when the change occurred.
The service address and the home address are the same
If your home address also serves as your service address, you must specify this.
A service address is listed on the public registry and can be used by anyone, while a home address is kept private.
However, if you use your home address as your service address, Companies House will not make it clear to the public.
Many people use their company’s registered office address as their service address for this reason.
Both the registered office and the service address cannot be a P.O. BOX.
If the person is applying for or has been given a section 790ZF exemption, you can double-check that you haven’t reached the individual’s normal residential address in section 5, as this would be visible on the public record.
Companies House has a right to return forms that have been filled out incorrectly or that are missing details:
- The name and number of the corporation match what is on the public register.
- The date of the adjustment of information has been completed in Section 3.
- A physical address is needed for every new address. They can’t be a PO Box, DX, or LP (Legal Post in Scotland) number (unless they’re part of a full service address).
- You’ve made the necessary changes to your details.
- You’ve completed the registry entry.
- Full-size forms should be printed on white A4 paper.
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