The new register of people with significant control over a company: transparency in the UK.
“PSC register” introduced for almost all UK companies and LLPs.
From 6 April 2016, all unlisted UK companies and limited liability partnerships (LLPs) must maintain a register of the people who have significant control over them. This new “register of people with significant control” is known as the “PSC register”.
The PSC register identifies the individuals who ultimately own or control more than 25% of a company’s shares (or more than 25% of an LLP’s assets), more than 25% of the company/LLP’s voting rights, or who otherwise exercise control over the company or LLP and its management.
Given that the individual or individuals who control a company are often different from those listed on the register of members, in many cases the PSC register could look quite different – and be a much more interesting document – than the shareholder/membership register.
The PSC register is available for public inspection and, from 30 June 2016, the information will be searchable online via UK Companies House.
The introduction of the PSC register is a central part of the UK Government’s G8 commitment to greater corporate transparency. The UK is leading the way on this issue, with similar moves now put in motion at EU level as part of the 4th Money Laundering Directive.
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