APSCmust meet one or more of the following conditions of control.
Most PSCs are likely to be people who hold:
more than 25% of shares in the company
more than 25% of voting rights in the company
the right to appoint or remove the majority of the board of directors
If yourPSCholds more than 25% of shares, they’re likely to hold the same amount of voting rights.
You should check your company’s register of shareholders. Your company’s constitution and articles of association may also contain information on voting and other rights.
Other significant influence or control
YourPSCmight influence or control your company through other means. This could be directly, or on behalf of someone else. For example, someone who tells the directors or shareholders what to do.
This condition will only apply in limited circumstances.Further guidanceis available on the meaning of significant influence or control.
Companies controlled by a trust or firm
If a trust or firm influences or controls your company, you must decide if they meet any conditions of control described above. If they do, any person who controls the trust or firm is aPSCof your company.
If you think this applies, you should get professional advice.
You’ll need to confirm certain details with yourPSC, and record them in yourPSCregister. These details are:
usual residential address (not displayed to the public)
the date they became aPSCof the company
the date you entered them into yourPSCregister
which conditions of control are met
You must include the level of their shares and voting rights, within the following categories:
over 25% up to (and including) 50%
more than 50% and less than 75%
75% or more
You must try to identify and contact anyone you think may be aPSCof your company. If they refuse to providePSCinformation, they’re committing a criminal offence.
You can place restrictions on the shares or voting rights of someone who won’t give you this information. Applying restrictions is a significant step. You should only consider this if they’ve repeatedly refused your requests.
If yourPSCinformation changes, you must update your company’sPSCregister and tell us as soon as possible. The easiest way to do this isonline. This could be changes to an existingPSC, such a new address or condition of control. You could also have a newPSC, or someone who’s no longer aPSC.
AllPSCinformation is available to the public, apart from their home address. The day is also hidden from their date of birth.
In exceptional cases, some individuals canapply to protect theirPSCinformation. If they’ve applied, or been granted protection, you should note this on yourPSCregister. You must hide their personal details.
Protection from disclosure applies from the date the application is made to us.
If aPSChas already been granted protection as a director, they must re-apply for protection as aPSC.
Other company types
Limited liability partnerships (LLP), eligible Scottish partnerships and societas Europaea (SE) must also send us theirPSCinformation.
Information on these company types can be found in thefull guidance.