PSC is an individual person who meets one or more of the following conditions:
- Hold more than 25% of shares
- Hold more than 25% of voting rights
- Have the power to remove or appoint a majority of the company’s board of directors
- Exercise or have the right to exercise significant influence or control over the company
- Exercise or have the right to exercise significant influence or control over a trust or a firm that is not a legal entity, which itself satisfies any of the above conditions
In some cases, a corporate entity may meet the criteria of being a PSC.
Since 6 April 2016, all UK companies and Limited Liability Partnerships must keep a register of individuals or legal entities that have control over them.