PSC

Also called Person with significant control, Beneficial owner

Anyone who ultimately owns or controls a company, recorded on a public register.

What it means

A person with significant control is broadly someone who holds more than 25% of shares or voting rights, can appoint or remove a majority of directors, or otherwise exercises significant influence or control.

Companies must keep a PSC register and file the information at Companies House, where it is public.

Why it matters

It is an anti-money-laundering measure, and banks, payment providers and clients rely on it during onboarding. A PSC register that does not match reality causes account opening to stall.

Failing to keep it is a criminal offence, for the company and its officers.

What it looks like in practice

Identify PSCs at incorporation and update within fourteen days of a change, then file within a further fourteen.

Control can exist without shares — through a shareholders' agreement, a trust or a right to appoint directors. If in doubt, take advice rather than leaving it blank.

What to watch out for

Corporate shareholders. The register must trace through to the ultimate individual or a registrable relevant legal entity.

Identity verification requirements are being introduced for PSCs; check the current position.

Where to get proper advice

Companies House guidance is detailed. A company secretarial service or solicitor for anything with trusts or layered ownership.