Notification of a Relevant Legal Entity with Significant Control (Psc)

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A person with significant control (CFP) is a person who owns or controls your business. They are sometimes referred to as « beneficial owners ». If there is another legal entity that is not an ELA but has a controlling interest, the ownership and control of that legal entity (etc.) must be verified until a CSP or ELA is identified with a majority shareholding. If no one meets these criteria, it must be recorded in the PSC registry. Condition 4 – also has the right to exercise significant influence and control. Although the person is only required to fulfill one of the specified conditions, the Company must test a person`s interest in the shares or rights against each of the specified conditions. The PSC register must reflect both the extent of an individual`s control over the business and the nature of the control by explaining what specified conditions are met. You must identify your MFF and tell us who it is. It could be you or someone related to your business. A business may have one or more one-stop shops. If you do not have an online account with us, you will need to register for online filing. Applying restrictions is an important step.

You should only consider this if the person has repeatedly failed to respond to your requests for information. Source: Guidance on the Register of Persons with Significant Control of the Department of Innovation and Business Skills. The CSP register must also contain information on a « relevant legal entity » that is registrable (ELA). A legal entity is relevant if it meets one or more of the above five PSC conditions and: Once you have identified the CSP, you must consider the extent of each of these individuals` involvement in the business. Companies House needs each person`s data with considerable control and requires an explanation of the nature of their interests. However, where a person who can be registered is a natural person, this information may not be entered in the register until all the necessary information has been confirmed. If the trust or company exercises any type of control, you must register all trustees or members/associates of the company as PSC of your company and register this information with Companies House. Where a company has completed its investigation and concluded that no person or entity can be registered by that entity (Article 10 of the PSC Regulation): Part 21A of the Companies Act 2006 requires a company to identify an RLE that would meet one or more of the conditions set out if it were an individual and the company itself is required to: maintain its own PSC register.

If not, the subsidiary should search further up the chain of ownership to identify a registrable PSC or ELA. From 6 April 2016, UK companies and limited liability companies (LLPs) will be required to maintain a publicly accessible register of persons with significant control (PSC register). From 30. In June 2016, the information contained in the CSP register will also have to be made available at Companies House when UK companies submit their annual confirmation statement (which replaces the annual declaration). The new requirements are one of several amendments to the Companies Act 2006 implemented under the Small Business, Enterprise and Employment Act 2015 (SBEE) to ensure greater transparency regarding the ownership and control of UK businesses. If a legal entity fulfils one of the conditions of the PSC in respect of a UK company and a person has a controlling interest in that legal entity, that person must be registered in the UK company`s CSP register, unless the legal entity through which it holds its participation is an ELN. This condition only applies in certain circumstances. The PSC set of guidelines provides more information on the meaning of « significant influence or control ».

For example, someone may influence or control the actions of directors or shareholders. This is how you identify and register the people who own or control your business. A PESCO must meet one or more conditions called a « type of control ». Your registry must indicate which conditions are met. Condition 5 – the right to exercise or exercise significant influence or control over the activities of a trust or corporation that is not a legal person, but that would meet one of the first 4 conditions if it were a natural person. In Figure 4, Company A cannot include Company B`s data in the CSP Register, even if it owns 100% of Company A`s shares, as Company B is a foreign corporation that does not meet the above criterion and is therefore not an ELB. Instead, Company A must take care of the ownership and control of Company B. Although Company C holds a majority interest (100% of the voting rights) in Company B, it is also not a RLA because it is a foreign company and does not meet the above criterion for RLE and its contact details cannot be registered in the CSP register. Company A must therefore deal with the ownership and control of Company C.