Persons of significant control
Following the introduction last year of the requirement for companies to maintain a register of Persons of Significant Control (PSCs) there have been further changes in recent weeks which now oblige companies to report all changes to their PSC information on an ongoing basis, rather than waiting until the next Confirmation statement is filed.
Companies now have 14 days to update their PSC register and a further 14 days to notify Companies House of the changes.
As a reminder a Person of Significant Control is someone who meets one or more of the following conditions:
An individual who holds more than 25% of shares in the company.
An individual who holds more than 25% of voting rights in the company.
An individual who holds the right to appoint or remove the majority of the board of directors of the company.
An individual who has the right to exercise, or actually exercises, significant influence or control over the company.
Where a trust or firm would satisfy one of the first four conditions if it were an individual. Any individual holding the right to exercise, or actually exercising, significant influence or control over the activities of that trust or firm.
A new batch of forms (PSC01 to PSC09) have been released to deal with any changes, and these need to be filed online in order to keep the records up to date.
If you have any queries regarding this please contact Karen or Hugh to discuss further.