Who controls your company?

Who controls your company?


Here’s Minty Imperial, one of the owners
of Minty and Monty’s Hair Salon Limited. As it’s a registered company, Minty and Monty need to keep a list of people with significant control of the company. These people or PSCs are sometimes known as beneficial owners. They might be directors, shareholders or somebody else with an influence over the business. It may even be another company. For most companies, the PSCs are most likely to be whoever owns more than 25% of the shares. Or it could be someone with more than 25% of the voting rights. The company’s constitution and articles of association may contain information on voting and other rights. It’s pretty straightforward at Minty and Monty’s; as Minty and his partner Monty each own
40% of the shares in the salon, they’re both classed as PSCs and need to appear on the PSC register. Minty’s parents who each own only 10% of the shares, do not have a significant control of the company. When you know who the PSCs of your company are, you need to keep a record of them and send us the information. If you don’t have any PSCs in your company, you still need to let us know. This is because your register cannot be left empty. All companies are required by law to send the information to us, and it’s a criminal offence not to supply it. You also need to tell us straight away if you have changes, such as a change of address or if you’re registering a new PSC. The information you provide will be made available to the public, apart from home addresses. And the day is also removed from the date of birth. The easiest way to send us your PSC information is to file it online. The majority of companies use our online filing service to do this. It’s quick, it’s free, and you just need to register for an account. Minty already has an account, so now he can spend more time with his customers. For lots more information on PSCs and how you identify them, it’s all on our website.

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