If you run a Limited Company you’ll have heard of a PSC (Person with Significant Control). If the term is news to you then read on basically its someone who owns or controls a company.
Every company must record the PSCs details on the PSC Register and then send these details on to Companies House. Of course, a company can have one or more PSC.
Identifying your PSC
Most PSCs meet one or more of the following conditions of control and can be identified by the following:
- More than 25% of shares in the company
- More than 25% of voting rights in the company
- The right to appoint or remove the majority of the Board of Directors
If the PSC holds more than 25% of shares, then it is more than likely they will hold the same amount of voting rights.
A PSC may influence and control a company either directly or on behalf of someone else (e.g. someone who tells the directors or shareholders what to do). This condition will only apply in limited circumstances.
Protection for People at Risk
Because Companies House information is public most PSC information is available, with the exception of home address and only the month and year are shown in the date of birth (the day is hidden).
If that causes an issue then, in exceptional cases, a PSC can apply to protect their information. If you have applied for, or been granted, protection then this must be noted on the PSC Register. Personal details must be hidden but protection from disclosure applies from the date the application is made to Companies House.
So hopefully that gives you a brief idea of what the PSC is all about and if you want to know more then visit Companies House here.