From the 30th June 2016 all companies will be required to prepare a PSC Register.
You need to start keeping a register of your people with significant control (PSC).
A PSC is someone in your company who:
- owns more than 25% of the company’s shares
- holds more than 25% of the company’s voting rights
- holds the right to appoint or remove the majority of directors
- has the right to, or actually exercises significant influence or control
- holds the right to exercise or actually exercises significant control over a trust or company that meets any of the other 4 conditions.
You’ll need to keep your PSC as part of your company register, as these need to be available for inspection.
Failure to comply will result in fines and up to 2 years in prison!