PSC stands for Person with Significant Control. It is a legal term used primarily in the United Kingdom under company law. A PSC is someone who holds significant influence or control over a company. Companies in the UK are required to identify and register their PSCs with Companies House to ensure transparency about who owns and controls companies.
A person can be classified as a PSC if they meet one or more of the following criteria:
This register of PSCs helps combat issues like money laundering and tax evasion, ensuring there is transparency in company ownership and control.
PSC Register Requirements
Every UK company (unless exempt) is required to maintain a PSC Register and submit it to Companies House. This register must be kept up-to-date and include information on all PSCs. The process ensures transparency in company ownership and helps regulators, and the public, understand who controls UK companies.
Information Required for the PSC Register
For each person or legal entity classified as a PSC, the following details must be recorded:
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