The Notice of Person with Significant Control (PSC) is a crucial document that plays a pivotal role in ensuring transparency and accountability within Nigerian companies. The Corporate Affairs Commission (CAC) is the regulatory body responsible for overseeing corporate affairs in Nigeria. This article aims to provide a comprehensive guide on the filing of the Notice of Person with Significant Control (PSC) with the CAC, outlining the key steps and requirements for compliance.
Understanding Person with Significant Control (PSC)
A Person with Significant Control (PSC) is an individual who has a substantial influence or control over a company. This could be through direct or indirect ownership, voting rights, or the ability to influence company decisions. Identifying and disclosing these individuals is crucial for maintaining transparency in corporate governance.
Step 1: Obtain Relevant Information
Before filing the Notice of Person with Significant Control (PSC) with the CAC, it is imperative to gather all necessary information. This includes:
- Full Name: Obtain the complete legal name of the individual with significant control.
- Residential Address: Provide the residential address of the PSC.
- Nationality: Specify the nationality of the individual.
- Country of Residence: This is the country where the PSC resides. This may be the same or different from the nationality of the individual.
- Identification Type and Identification Number: The PSC will need to disclose his valid identification type such as International Passport, Driver’s License, Voter’s Card or National I.D Card) and the number on the card.
- Gender: Specify the gender of the individual whether male or female.
- Email Address: Specify the email address of the PSC.
- Telephone Number: Provide the telephone number of the PSC.
- Tax Residency: Specify the jurisdiction or jurisdictions in which the PSC is resident for tax purposes
- Date of Birth: Record the date of birth of the PSC.
- Nature of Control: Describe the nature of control (e.g., ownership percentage, voting rights) the PSC has over the company.
Can A Company Be a Significant Control (PSC)?
Yes. a company can actually be a Person with Significant Control (PSC). In case the Person with Significant Control is not a natural person, you will need to specify the following:
- Legal Form. Choose the legal form of the PSC such as Private registered company, Public registered company, Limited liability partnership, Other legal entity (e.g. government department), Trust, Legal arrangement.
- Jurisdiction: Provide the jurisdiction in which this legal entity is registered, if any legal entities that have a unique registration must provide a jurisdiction, register and identifier.
- Register: Specify the register in which this legal entity is registered.
- Registration Number (RC): Specify the Registration number for the legal entity that is the PSC.
- Governing Law: Specify she governing law to which this legal entity is subject. For example, Company and Allied Matters Act 2020.
- Registered Address: Specify the registered address of the legal entity detailing the building name/number, street, city, state and country.
- Nature of Control: Describe the nature of control (e.g., ownership percentage, voting rights) the PSC has over the company.
Step 2: Verify Eligibility
Ensure that the individual identified as a Person with Significant Control (PSC) meets the criteria outlined by the CAC. What counts as a person with significant control includes owning or controlling at least 5% of the company’s shares or voting rights, or having the ability to influence the company’s decisions.
Step 3: Complete the Notice of Person with Significant Control (PSC) Form
The Notice of Person with Significant Control (PSC) form is a prescribed form provided by the CAC. It is essential to accurately fill out this form, providing all necessary details about the PSC. This form will be completed online through CAC portal. Please note that only accredited agent can do this. If you need an accredited agent to file the notice of Person with Significant Control for your company, you can contact us.
Step 4: Pay the Prescribed Fee
There is a filing fee associated with submitting the Notice of Person with Significant Control (PSC) form to the CAC. This fee is paid only through Remita. You need to make the payment before you can submit The Notice of Person with Significant Control (PSC) form.
Step 5: Submit the Form to the CAC
Once the form is duly completed and the fee is paid, it should be submitted to the Corporate Affairs Commission (CAC). This is done online through CAC portal.
Step 6: Receive Acknowledgment and Confirmation
Upon submission of the Notice of Person with Significant Control (PSC) form, the CAC will issue an acknowledgment receipt once it is approved. This receipt serves as proof of submission and should be retained for record-keeping purposes.
Conclusion
Filing the Notice of Person with Significant Control with the CAC is a critical step in ensuring transparency and accountability within Nigerian companies. By identifying and disclosing individuals who wield significant influence or control, businesses can maintain good corporate governance practices. Following the comprehensive guide outlined in this article will facilitate a smooth and compliant filing process with the CAC, ultimately contributing to a robust and transparent corporate environment in Nigeria.
| For filing of notice of Person with Significant Control (PSC), call/whatsapp 08155554892 or contact us. |