From 6 April 2016, all unlisted UK companies and limited liability partnerships have been required to maintain a register of the people who have significant control over them, 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 the information is searchable online via UK Companies House.
The PSC register is just one of a raft of initiatives by the UK government that uses business transparency as a tool to support regulation and drive behavioural change in corporates.