This requirement was introduced in order to identify and record the people who control companies and LLPs in the UK and to increase corporate transparency.

Anyone incorporating a new company or LLP must send the information in their PSC Register to Companies House. This information must also be sent to Companies House annually as part of the ‘confirmation statement’, which replaced the annual return.

The information in PSC Registers is made publically available by Companies House at http://download.companieshouse.gov.uk/en_pscdata.html. Users of this public information include, for example, investors carrying out company research to support their investment decisions and law enforcement agencies investigating money laundering and other illegal activity.

This factsheet explains what is meant by people with significant control. It outlines the information that must be recorded in a PSC Register and when it must be updated. It also explains the penalties for failing to record this information and submit it to Companies House.