People with significant control (PSCs) and the accompanying register are arguably the most complicated part of setting up and running a limited company.
In this post, we tackle the subject of PSC statements, looking at what they are, under what circumstances you’d need to apply one, and how to go about doing this. Let’s jump in.
PSC statements explained
PSC statements are set statements that need to be chosen and applied by a company when it can not provide its people with significant control information.
They should not be confused with confirmation statements, which are different.
All limited companies should endeavour to provide Companies House with a PSC register made up of information about its PSCs. However, Companies House recognise that this is not always possible (for a number of reasons covered by the statements themselves).
But Companies House is explicit, ‘Your PSC register cannot be blank’. This is where the statements come in.
The PSC statements
The full statements, taken from the PSC08: Notice of PSC statements form are:
- The company knows or has reasonable cause to believe that there is no registrable person or registrable relevant legal entity [who is a PSC] in relation to the company.
- The company has not yet completed taking reasonable steps to find out if there is anyone who is a registrable person or registrable relevant legal entity [who is a PSC] in relation to the company.
- The company knows or has reasonable cause to believe that there is a registrable person [who is a PSC] in relation to the company, but it has not identified the registrable person.
- The company has identified a registrable person [who is a PSC] in relation to the company but all the required particulars of that person have not been confirmed.
- The company has given a notice under section 790D of the Companies Act 2006 which has not been complied with.
- The registrable person or registrable relevant legal entity shown below has failed to comply with a notice given by the company under section 790E of the Companies Act 2006.
- The company has issued a restrictions notice under paragraph 1 of Schedule 1B to the Companies Act 2006.
To give the statements some context, they were written when the PSC requirements were introduced (2016), so companies wouldn’t necessarily have had all the information to hand. So, chasing around a company trying to find out who the PSC was, was a legitimate reason not to be able to provide the information for the register at that time.
Now, the most commonly used statement would be statement one (no PSC in the company), with the others being rarely used.
How do I provide a PSC statement?
If you find yourself in a situation where you need to provide a PSC statement, you have three choices (four if you count our recommended solution, found at the end of this post):
1. Paper form
Complete and return the aforementioned PSC08: Notice of PSC statements form.
2. Using Companies House WebFiling
Once you have logged in, select ‘Add a PSC notification’ from the main company page and choose the appropriate statement.
3. Using our Online Company Manager
Once you have logged in, select ‘Add New Statement’ from the ‘Company Overview’ page and choose the appropriate statement.
Didn’t form your company with us? No problem, you can still take advantage of our handy, and free, Online Company Manager.
Do PSC statements appear on the public register?
Yes. Like all other PSC information, PSC statements are placed on the public register. This means anyone who is interested will be able to access the Companies House ‘Search the Register’ tool and see if any statements are in place (via the ‘People’ and ‘Persons with significant control’ tabs).
Let us take care of your PSC statement
If you need to apply a PSC statement to your company, we can help through our Full Company Secretary Service (£149.99 per year). With the service, our company experts will help ensure that your company is run in a compliant manner.
- Ten changes to your company per year, including the application of PSC statements (our team will take care of everything, making sure that each change is made in accordance with regulations)
- A company secretary to show that your company takes compliance seriously
- A dedicated account manager to help with any queries you may have
- The preparation and maintenance of your five company registers
- The preparation and filing of your confirmation statement
Thanks for reading!
In the majority of cases, your company will have a clear and obvious person with significant control, so a PSC statement is not necessary. However, if you feel that your company does require a PSC statement, you should now know what to do.
We hope you have found this post helpful. Please leave a comment if you have any questions.