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Controller’s Interest in Company Revealed: Who Holds Significant Power

In a move aimed at increasing transparency, authorities have introduced new regulations requiring companies to disclose controllers who hold significant interest or control over their operations.

What Constitutes a Controller?

According to the guidelines, a controller with significant interest can be an individual or corporate entity that:

• Has more than 25% of shares in the company
• Has the right to share in more than 25% of its capital or profits
• Can appoint or remove directors who hold majority voting rights
• Holds more than 25% of voting rights
• Exercises significant influence over the company

Maintaining the Register of Registrable Controllers

Companies and Limited Liability Partnerships (LLPs) are required to:

• Set up and maintain a Register of Registrable Controllers within 30 days of incorporation or registration, whichever is later
• Include information about each controller, such as:
  • Full name
  • Aliases
  • Residential address
  • Nationality
  • Identification card number or passport number
  • Date of birth
  • Dates when they became and ceased to be controllers

The company’s secretary can undertake the task of maintaining the register and sending notices to individuals or corporate entities that are known or believed to be controllers. Notices and replies can be sent electronically or in hard copy.

Accessing the Register

• The register must be made available to authorities upon request
• Companies and LLPs can also access their own registers, which can help them identify and track changes in their controllers

Frequently Asked Questions

To answer your questions about the Register of Registrable Controllers, we have compiled a list of frequently asked questions. You can access these by clicking here. For help resources to guide you through the process, click here.

We hope this article has been informative and helpful in understanding the new regulations on controllers’ interest in companies. If you have any further questions or concerns, please do not hesitate to reach out to us.