A PSC is an individual or legal entity that has significant control over a company. This includes anyone who meets one or more of the following conditions:

• Owns more than 25% of the company’s shares.
• Holds more than 25% of the company’s voting rights.
• Has the power to appoint or remove the majority of the board of directors.
• Exercises or has the right to exercise significant influence or control over the company.
• Has significant control over a trust or firm that meets one of the above conditions.

The PSC register is important because it promotes transparency in the ownership and control of UK companies. This helps to prevent and detect money laundering, terrorist financing, and other illegal activities.

The PSC register must include the following details about each PSC:

• Full name.
• Date of birth.
• Nationality.
• Country, state, or part of the UK where the PSC usually resides.
• Service address.
• Usual residential address (not publicly available).
• Date they became a PSC.
• The nature of their control over the company (e.g., owning more than 25% of shares).

The PSC register must be kept up to date. Any changes, such as a new PSC or a change in the details of an existing PSC, must be recorded within 14 days. You must then notify Companies House of the changes within a further 14 days.

Failing to comply with PSC requirements can result in severe penalties, including fines. Directors and officers of the company can be held personally liable for non-compliance.

Some PSC information, such as the usual residential address and full date of birth, is not available to the public to protect the privacy of PSCs. However, most PSC information is publicly accessible to ensure transparency.

Yes, a PSC can be a corporate entity, known as a Registrable Relevant Legal Entity (RLE). An RLE must be recorded in the PSC register if it meets the criteria for significant control and is subject to its own disclosure requirements.