Persons with Significant Control Registers

To complement our market leading property management services, Residential Management Group Ltd also provides professional company secretarial support for its clients.  This includes the provision of registered office, general meeting support, board meeting support, statutory filings and maintenance of statutory registers.

From 6 April 2016, the Register of People with Significant Control Regulations 2016 brought into force aspects of the Small Business Enterprise and Employment Act 2015.  This legislation introduced a new statutory register for companies to maintain.  The Persons with Significant Control Register must contain details of all persons who satisfy one of 5 tests for significant control.

The tests for significant control are if a person (or company):

1. owns more than 25% of the company’s shares (directly or indirectly);
2. owns more than 25% of the company’s voting rights (directly or indirectly);
3. has the right to appoint or remove a majority of the board of directors of the company;
4. has significant influence or control over the company; and/or
5. has significant influence or control over a trust or firm which has significant control over the company

All affected companies must:

1. identify any Persons with Significant Control; and
2. obtain the information to be entered into its PSC Register and confirm its accuracy. If the company does not have the information it must take certain steps to try and obtain it.

In advance of the implementation of this legislation we undertook a PSC audit for those clients for whom we provide a company secretarial service.  Any parties identified as potential PSC’s as part of that exercise will be contacted in due course for confirmation of their status and relevant particulars.  Please note that there is a statutory deadline for responding to these notices to allow information to be entered onto the register.

If you are a client or customer and have any questions on these new requirements then please contact Hertford Company Secretaries on hcs@rmguk.com

If you do not currently make use of our company secretarial services and would like some further information then please contact Hertford Company Secretaries on hcs@rmguk.com