The information that needs to be provided includes the person’s name, month and year of birth, nationality, and details of their interest in the company. The information will be recorded in the People with Significant Control (PSC) register, which is free to access.

With effect from 30th June, UK companies (except listed companies) and limited liability partnerships (LLPs) need to declare this information when issuing their annual confirmation statement to Companies House.

A person of significant control is defined as someone who holds more than 25% of shares or voting rights in a company, has the right to appoint or remove the majority of the board of directors or otherwise exercises significant influence or control.

The UK has high standards of business behaviour and corporate governance, says the Government, and the overwhelming majority of UK companies contribute productively to the UK economy, abide by the law and make a valuable contribution to society. But there are exceptions.

The Government believes that allowing access to information about the ownership and control of UK corporate entities will bring benefits for law enforcement, business, civil society and citizens. By making this information publicly available, free of charge, it says it is setting a standard that other countries can be persuaded to follow.

Contains public sector information licensed under the Open Government Licence v3.0.

Contact Us

For advice on the issues discussed here, or on any other commercial law matter, then contact our expert commercial lawyers today.