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Coddan CPM Ltd. – Company Registration Agent in the UK
Home Trust Services Use a UK Trust to Replace a Nominee Director Protect Information About the Persons with Significant Control

Trusts vs nominee director & shareholder, protect details of the person of significant control

About persons with significant control

 
Establishing of a Trust in the UK

About persons with significant control: in April 2014, the government announced that there would be a public register of all companies. Earlier this year, they made it clear that from April 2016, all companies and LLPs would have to list any persons with significant control (PSC) within their companies.

From January 2016, all private companies,limited liability partnerships are obliged to keep a register of persons with significant control. Since April 2016 information about the persons with significant control need be registered at Companies House.

Why the change in legislation? When the idea was mooted in 2014, there was very little surprise about the necessity to name trustees who owned companies an LLPs. However, the legislation covers beneficiaries as well as trustees. The idea is that it will be possible to find out who has an influence over a limited company. For example, people able to vote on the way a company or an LLP is run.

How does Companies House collect the information? The information from each individual company's persons with significant control register will be given to Companies House at the same time as the confirmation statement. The confirmation statement is the successor to the annual return.

This means that not all companies will be handing over their persons with significant control information in April, but it will be submitted annually along with their confirmation statement. Therefore from April 2017, every company must have registered this information.

What will happen to the information given to Companies House? The idea is that the register will be a public document. Therefore members of the public will be entitled to both view the persons with significant control register and search for information relating to individual companies. Every company's PSC information will be listed on the same central register and it will be free to view and search.

Who classes as a PSC? A PSC is anyone who either: -

1. Holds over 25% of the shares
2. Controls over 25% of the general meeting votes
3. Can control removal or appointment of the majority of a company's board
4. Exercises significant control or influence over a company or has the right to do so
5. Exercises significant control or influence over a trust that qualifies as a person with significant control