PSG Register

From 30 June 2016 the register of UK companies held at Companies House has to contain some new information by law and this will be contained in the Register of People with Significant Control (PSC). Previously companies have had to report shareholders and directors and where either of those was a corporate entity have simply provided the company details. The PSG Register records the following:

• Any individual who holds more than 25% of the shares in the company
• Any individual who holds more than 25% of the voting rights in the company
• Any individual who holds the right to appoint or remove the majority of the board of directors of the company
• Any individual who, while not meeting one of the above criteria nevertheless exercises significant influence or control over the company
• Where another body such as a company would satisfy one of the first four conditions if it were an individual then any individual having the right to exercise significant control over that company

Where companies have corporate shareholders they now need to name any individuals who have shares in these companies that exceed 25% or otherwise exercise significant influence over the companies. For these individuals the PSG Register will need to contain  the following:

• Name
• Date of birth
• Nationality
• Country of residence
• Address (both residential and service)
• Date directorship commenced
• Level of shareholding or other significant control

The PSG Register replaces the Annual Return and must be submitted no more than 12 months from the last statement submitted. Once this has been reported once companies will simply acknowledge the information is correct each year.
For our own clients we are reviewing every individual situation and will contact companies from whom we will need additional information to complete the PSG Register.