From 6 April 2016 companies must maintain a statutory register of persons with significant control (PSC). Failure to maintain a PSC register is a criminal offence.

These rules apply to UK companies (and LLPs) so that PSCs can be identified. Broadly, a PSC is an individual or a relevant legal entity that:

• directly or indirectly holds more than 25 per cent of the nominal share capital or voting rights;
• directly or indirectly controls the appointment or removal of the majority of directors; or
• has the right to exercise or actually exercises significant influence or control over the company (or over a trust that has significant control of the company).

Action: The register must record the relevant personal or corporate information and the nature of the control or influence of any PSCs or a holding statement with the approved wording. These details must also be included in the company’s first annual confirmation statement submitted to Companies House on or after 30 June 2016, and hence will be available to the public, albeit there is some protection of certain personal information.