I have a client who is sole director and shareholder of 2 Private Ltd Companies . call them A and B .
Coy A is fully owned by Coy B as coy B holds 100% of the shares in A.
The Director of coy B holds 100% shares in Coy B therefore indirectly controls Coy A.
Ive reviewed the PSC requirements for Ltd companies but i still cannot determine if its the Director of B that shoud go on the PSC register of coy A or if it should be both the Director and Coy B.
One of the difficulties i am encountering is: I am trying to determine if Coy B is Relevant ( as stipulated under section 2.2.2 of the Guidance on the register of people with significant control) but I cannot tell if the company (as a private coy ) is subject to Chapter 5 of the FCAs Disclosure and Transparency rules .
Replies (10)
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If Company B is a UK Registered company then, as it is required to hold it's own PSC register, it would qualify as a RLE and be the PSC for Company A.
The Director & 100% shareholder of Company B would then be the PSC for Company B.
The "or" after the second statement is key, the company need not meet all of those requirements, only one of them, i.e. it keeps its own PSC register.
It is as the first reply said, Coy B goes on the register for A and the director goes on the register for Coy B.
See s2.2.2 (page 10) of the guidance
https://www.gov.uk/government/uploads/system/uploads/attachment_data/fil...
It does only needs to meet one of these conditions to be relevant.
You are wrong, the issue is with your reading comprehension. It states that one of those three options is enough, that is what that paragraph means.
It says it in the bit you've already posted. A list where it says A, B or C means any one of A, B or C, it doesn't mean A and one of B or C.