Registration of Change in Person with Significant Control (PSC) of LLP

“Person with significant control (PSC)” means the natural person(s) who ultimately owns or controls a company or limited liability partnership or the natural person on whose behalf a transaction is being conducted and includes those natural persons who exercise ultimate effective control over a legal person or arrangement. To qualify as a PSC, the person must meet any of the following conditions in relation to a company or limited liability partnership -

Holds at least 5% of the issued shares in a company or interest in a limited liability partnership either directly or indirectly,
Exercises at least 5% of the voting rights in a company or limited liability partnership directly or indirectly,
Holds a right directly or indirectly, to appoint or remove a majority of the directors of the company or partners of the limited liability partnership,
Exercises significant influence or control, directly or indirectly, over the company or limited liability partnership; or
Having the right to exercise, or actually exercise significant influence or control over the activities of a trust or firm, whether or not it is a legal entity, would satisfy any of the first four conditions if it were an individual.