Businesses now have to disclose names of “people with significant control”
Government's People with Significant Control register went live on June 30 and requires companies to disclose who owns or controls them
New government legislation requiring business owners to share information about the individuals that have significant control over their business went live on June 30.
Announced back in April, the People with Significant Control (PSC) register requires companies to disclose information on the people who own or control their business, including name, birthday, nationality, and details of their interest in the company.
A “person of significant control” is defined as someone who holds more than 25% of company shares or voting rights, or who has the right to appoint or remove the majority of the board of directors.
As of 30 June 2016, UK-based companies and limited liability partnerships (LLPs) will have to declare this information when submitting their annual statement to Companies House.
Baroness Neville Rolfe, the department for business minister, commented:
“Companies that disguise who owns or controls them are not playing by the rules and have something to hide. This register, the first of its kind in the world, will help tackle abuse of corporate entities. This is part of our commitment to creating an environment of trust and accountability for business.”