What is a Person with Significant Control? (PSC)

What is a Person with Significant Control (PSC)?

A Person with Significant Control (PSC) is a person or entity that owns, controls, or influences a company. The UK government introduced PSC regulations to make it clear who is really in charge of a business - whether that's day-to-day or behind the scenes.

Every UK limited company (Ltd) and Limited Liability Partnership (LLP) has to identify its PSC(s) and keep this information up to date with Companies House.

This register is publicly available, so anyone from investors to regulators can easily see who owns or controls a company.

What does Person with Significant Control mean?

When setting up your business account, identifying your PSC(s) is just one of many things you need to think about. Let’s take a closer look at what it means for your business.

Qualifying as a PSC

A person qualifies as a PSC if they meet one or more of the following criteria:

• They hold more than 25% of voting rights
• They own more than 25% of the shares in the company
• They have significant influence or control over the company
• They control a trust or firm that meets any of the above conditions
• They have the power to appoint or remove the majority of directors

Identifying your PSC

How do I know who the Person with Significant Control Is?

Using the above criteria, review ownership structures, voting rights, and contractual agreements to work out who in your business meets the PSC threshold. There might be several people in a business who qualify as a PSC.

Other Significant Influence or Control

If someone influences company decisions without direct ownership, they may still be considered a PSC. The official government website provides thorough guidance on who should be considered a PSC.

If your company is controlled by a trust or firm without ‘Legal Personality’

In cases where control is exercised through a trust or partnership, the individuals behind these entities must also be identified as PSCs.

What is a PSC Register?

A PSC register is a record of the people or entities that have significant control over a company. 

Your PSC register must be available for inspection at the company’s registered office, or single alternative inspection location (SAIL).

Anyone can look at your register free of charge. You must provide copies on request.

With the requirement for the register to be publicly available, how can a business protect the privacy of the registered PSC(s)?

Managing PSC information

What does a company have to do to keep a PSC register?

A company is responsible for several key tasks when managing its PSC register:

• Identifying PSCs
• Recording their details in the PSC register
• Keeping the information up to date
• Providing the information to Companies House if you choose to store it there

What PSC Information Is Required?

You’ll need to collect the following details for each PSC:

• Name
• Date of birth
• Nationality and country of residence
• Correspondence or service address
• Home address (this must not be disclosed)
• The date they became a PSC of the company
• The date entered into PSC register
• The nature of interest or control in the company.

Any changes to this information should be updated and reported to Companies House.

Public access and privacy

With the requirement for the register to be publicly available, how can a business protect the privacy of the registered PSC(s)?

Inspection of Your Register

Certain details are accessible to the public, while sensitive information, like their home address remains protected. This means that other parties can know who controls a company without too much risk to the PSC.

Exemptions and privacy

It’s possible for some companies and individuals to apply for PSC details to be kept private. This is for those who may be at “serious risk” should their information be made public.