PSC - Sole Director

PSC - Sole Director

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Hi

Completing my first Confirmation Statement and PSC.

I am the sole director and sole shareholder.

As a PSC can be determined in one or more of the following ways :

a) The individual owns more than 25% of the shares in the company.
b) The individual owns more than 25% of the voting rights in the company.
c) The individual has the right to appoint, or dismiss, the majority of the members of the company’s board of directors.
d) The individual has the right to exercise, or actually does exercise, significant influence or control over the company.
e) The individual is a trustee of a trust, or a member of a firm, that meets one of the specified conditions above, and the individual has the right to exercise, or actually does exercise, significant influence or control over the activities of that trust or firm.
 

Would it be reasonable to tick boxes a, b c and d?

 

Thank you

 

Replies (5)

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Euan's picture
By Euan MacLennan
19th Aug 2016 17:31

No - it would certainly be wrong to tick boxes (a) and (b).

I am not sure if you can tick multiple boxes, but the one to tick in your case is the one to say that you own 75% or more of the shares.

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By johngroganjga
19th Aug 2016 17:49

What do you think. Are they all true in your case?

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By Wanderer
19th Aug 2016 18:00

You do:-
a) The person holds, directly or indirectly, 75% or more of the shares in the company.
b) The person holds, directly or indirectly, 75% or more of the voting rights in the company.
c) The individual has the right to appoint, or dismiss, the majority of the members of the company’s board of directors.

Don't do d) this is only considered if none of a) b) nor c) apply.

Companies House guidance says:-
For most small companies, their PSCs are likely to fall into the first and second, and possibly the third, category above. The fourth and fifth categories are typically associated with more complex corporate structures.

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By atabor
13th Mar 2017 12:47

I am the recently appointed sole director of a failed investment company - I nominated myself and was approved by a majority of the 20 shareholders in order to lodge returns and prevent the company from being struck off. No single shareholder including myself owns more than 25% of shares.

As sole director do I fall into PSC category 3?

"Condition (iii) – you are a PSC if you hold, directly or indirectly, the right to appoint or remove the majority of the directors in the company"

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By Wanderer
13th Mar 2017 13:14

No.

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