Tulip Siddiq – 2016 Parliamentary Question to the Department for Business, Innovation and Skills
The below Parliamentary question was asked by Tulip Siddiq on 2016-05-20.
To ask the Secretary of State for Business, Innovation and Skills, whether it is his policy that the proposed public register of beneficial owners of companies will provide details of the names of (a) trust or company service providers and (b) other third parties which incorporate those companies.
Anna Soubry
Since 6th April this year, UK companies (with exception of listed companies), limited liability partnerships and societates europaeae have been required to hold a register of people with significant control (PSC register). The register records the ultimate owners and controllers of UK companies. It is designed to record individuals. However, where a company is owned by another company that is also required to hold a PSC register, or is subject to equivalent disclosure requirements, those companies should be recorded on the register.
Where a company is owned and or controlled by a third party incorporation agent including Trust and Company Service Providers (TCSP) and they are also required to hold a PSC register or are subject to equivalent transparency requirements then they would be required to be registered on that company’s PSC register. If the third party incorporation agent is not required to hold its own PSC register then the UK company would be required to look further up the ownership chain to identify who owns and controls the TCSP. The ultimate owner would be recorded on the PSC register.
Where a third party incorporation agent has incorporated a company on behalf of someone else and they do not own or control the company, then the register would not record the third party incorporation agent details. It would instead record who actually owns and controls that UK company.
How the PSC register works is explained in detailed guidance that has been prepared by BIS with the help of a working group of businesses, lawyers and civil society organisations. The guidance can be found here: www.gov.uk/government/publications/guidance-to-the-people-with-significant-control-requirements-for-companies-and-limited-liability-partnerships.
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