If you’re navigating the world of UK limited companies, you’ve likely come across the term ‘PSC statements’.

But what exactly are People with significant control (PSCs), and why are PSC Statements so important? This article aims to demystify PSC statements, explaining their significance and when you might need to apply one.

Understanding PSC Statements

PSC stands for ‘People with Significant Control’. In the context of UK business, a PSC statement is a declaration made by a company when it cannot provide information about its PSCs. It’s important to note that PSC statements are not the same as confirmation statements.

While both are required by Companies House, they serve different purposes. Confirmation statements provide an annual update of general information about a company’s directors, secretary, registered office address, shareholders and share capital. PSC statements, on the other hand, are specific statements that need to be chosen and applied by a company when it cannot provide its PSC information.

The Importance of PSC Statements

Companies House, the UK’s registrar of companies, requires all limited companies to provide a PSC register made up of information about its PSCs. This is a crucial part of setting up and running a limited company. However, Companies House recognises that it’s not always possible to provide this information, for a variety of reasons covered by the PSC statements themselves.

One thing is clear: your PSC register cannot be blank. Even if you can’t provide information about your PSCs, you must still submit a PSC statement. This requirement ensures transparency and accountability in the UK business sector.

The Different Types of PSC Statements

There are seven different PSC statements that a company can choose from, each covering a different scenario. These are listed in the PSC08: Notice of PSC statements form.

Here’s a brief overview of each:

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.

Each of these statements covers a different situation, providing a comprehensive framework for companies to declare their PSC status.

The Context of PSC Statements

The PSC requirements were introduced in 2016, at a time when companies may not have had all the necessary information to hand. This context explains why some of the statements refer to situations where a company is still in the process of identifying its PSCs.

Today, the most commonly used statement is the first one, indicating that there is no PSC in the company. The other statements are used less frequently, but they still provide important options for companies that are in the process ofidentifying their PSCs or dealing with non-compliance issues.

In the next sections, we’ll explore how to provide a PSC statement, the public accessibility of these statements, and the role of a company secretary in managing PSC statements. Stay tuned for more insights into this important aspect of UK business operations.

How to Provide a PSC Statement

If you find yourself needing to provide a PSC statement, there are several ways to do so.

Here’s a step-by-step guide for each method:

Paper Form

Complete the PSC08: Notice of PSC statements form.
Return the form to Companies House.

Companies House WebFiling

Log in to your account.
Select ‘Add a PSC notification’ from the main company page.
Choose the appropriate statement.

Online Company Manager

Log in to your account.
Select ‘Add New Statement’ from the ‘Company Overview’ page.
Choose the appropriate statement.

Remember, even if you didn’t form your company with an online service, you can still use their Online Company Manager to manage your PSC statements.

Public Accessibility of PSC Statements

Transparency is a key principle in UK business regulations. As such, all PSC information, including PSC statements, is placed on the public register. This means anyone who is interested can access the Companies House ‘Search the Register’ tool and see if any statements are in place. This information can be found under the ‘People’ and ‘Persons with Significant Control’ tabs.

The Role of a Company Secretary in Managing PSC Statements

If managing PSC statements seems like a daunting task, don’t worry. A company secretary can help ensure that your company is run in a compliant manner. This includes managing PSC statements.

Some companies offer a Full Company Secretary Service. With this service, company experts will help ensure that your company is run in a compliant manner.

This includes:

Making up to ten changes to your company per year, including the application of PSC statements.
Providing a company secretary to show that your company takes compliance seriously.
Assigning a dedicated account manager to help with any queries you may have.
Preparing and maintaining your five company registers.
Preparing and filing your confirmation statement.

In most 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 now know what to do.

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Understanding PSC Statements

The Importance of PSC Statements