A PSC register will be required by:
- Private companies limited by shares
- Private companies limited by guarantee
- Most public limited companies
- Limited liability partnerships (LLPs)
- Unlimited companies
- Societates Europaeae (SEs)
Note: Companies formed before the effective date of 6 April 2016 are affected, as are all new companies. Even if your company remains dormant, you will still need to maintain a Register of People with Significant Control.
The requirement to maintain a PSC register does not apply to:
- Sole traders
- Limited partnerships (LPs)
- Charitable Incorporated Organisations (CIOs)
- Companies that are subject to Chapter 5 of the Financial Conduct Authority’s Disclosure and Transparency Rules
- Companies with voting shares admitted to trading on a regulated market in the UK
- Companies with voting shares admitted to trading in another European Economic Area state
- Companies with voting shares admitted to trading on certain specified markets in Switzerland, the USA, Japan and Israel
- Overseas entities operating but not registered as a company in the UK