A person with significant control (PSC) is someone who owns or exercises significant influence over a company. They can also be referred to as a “beneficial owner”.

Every UK company is required to identify its PSCs and register their details with Companies House. A company can have one or more PSCs.

A PSC is someone who meets one or more of the “nature of control” conditions.

A PSC is usually anyone who:

• has more than 25% shares or voting rights in your company
• can appoint or remove a majority of directors
• can influence or control your company or trust

Companies should review their register of members as well as their constitution and articles of association to help determine who meets these criteria.

When incorporating a company, and whenever PSC details change, the required information must be filed with Companies House within 14 days of confirmation. Required details include the PSC’s name, date of birth, nationality, correspondence or service address, level of shareholding and the date they became a PSC.

PSCs must also verify their identity and provide a personal code. Failing to provide accurate information, or refusing to respond to formal notices, is a criminal offence.