Q&As

If a UK company is a wholly owned subsidiary of a chain of companies that do not qualify as relevant legal entities and the ultimate owner is an overseas state then what should be entered on the PSC register?

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Published on LexisPSL on 19/04/2016

The following Corporate Q&A provides comprehensive and up to date legal information covering:

  • If a UK company is a wholly owned subsidiary of a chain of companies that do not qualify as relevant legal entities and the ultimate owner is an overseas state then what should be entered on the PSC register?

If a UK company is a wholly owned subsidiary of a chain of companies that do not qualify as relevant legal entities and the ultimate owner is an overseas state then what should be entered on the PSC register?

The PSC regime applies to UK incorporated companies limited by shares or guarantee (including community interest companies), LLPs, unlimited companies and SEs. The two main categories of entity that should be recorded on a PSC register are registrable persons (ie individuals) with 'significant control', and any other registrable 'relevant legal entities' (RLEs) that have significant control and are 'subject to their own disclosure requirements'.

Entities which are not RLEs cannot be registrable and include entities which are neither a company, LLP or SE, or a non-UK company that does not meet the requirements of the legislation.

Alternatively, a non-registrable RLE is an entity which does not hold any interest in the investigating company except through one or more other legal entities over each of which it has significant control and the legal entity through which the interest is held is an RLE in relation to the investigating company, or at least one of the entities in an ownership chain is an RLE in relation to the investigating company. This latter

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