What a PSC is and what PSC details are needed to open a business account
A Person with Significant Control (PSC) is someone who owns or controls your company.
PSCs are sometimes called the Beneficial Owner(s) (BOs).
The PSCs in your application should reflect the ownership and control of your company as stated in Companies House.
For limited companies, we need to confirm and verify the date of birth and home address of each PSC for your company before we can accept your business account application.
For corporate PSCs (PSCs that are businesses), date of birth and home address are not required. We will email you with details of any next steps, and there may be an additional cost of £100 as part of your account opening fee.
Before you apply:
- Check your PSC details with Companies House are correct. If the PSC data that populates in the application form isn't correct, please visit Companies House website and submit a new Confirmation Statement.
- Make sure you have the date of birth and home address for all your company’s PSCs. You’ll need to complete these fields before submitting your application. If you leave the application, you can start a new one easily.
We will email you with details of any next steps after your application and request documents to verify your PSC’s date of birth and home address.
FAQs
We get our PSC data directly from Companies House so please check Companies House before you apply for a business account with us.
If the PSC data that populates in the application form isn't correct – you’ll need to go to Companies House and submit a new Confirmation Statement. Once this is up to date, you can restart your application again.
We need to confirm the date of birth and home address for any additional Persons of Significant Control (PSCs) with a Zempler Business Bank Account. This is a regulatory requirement and helps keep your account secure. We’ll email you with instructions on how to confirm these details.
If your PSC information is not confirmed by the set deadline, we will take steps to close your account. If you’re the account holder and a PSC for the business, you won’t be asked to enter your details as we already have this information.
Once you confirm these details, we will email you with any next steps and request documents to verify your PSC’s date of birth and home address.
Please make sure that your PSC information is kept up to date with Zempler Bank and Companies House. From time to time, we will check to make sure it’s correct and up to date.
No. As we cannot service accounts for companies with Persons of Significant Control (PSCs) under 18 years of age, you won’t be able to open a Zempler Business Account if an individual below 18 years old is a PSC for your business with Companies House.
If your business details with Companies House list a PSC that is aged under 18, you’ll need to either remove them as a PSC or get your details updated if their age has been recorded in error.
Provided the applicant is a UK resident, your business is based in the UK and all other Zempler application checks and criteria are met, we can accept business account applications that list directors and/or Persons with Significant Control (PSCs) with a home address in the non-UK countries below.
- Australia
- Austria
- Belgium
- Canada
- Cyprus
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Greece
- Guernsey
- Iceland
- Ireland
- Isle of Man
- Israel
- Italy
- Japan
- Jersey
- Lithuania
- Luxembourg
- Malta
- Netherlands
- New Zealand
- Norway
- Poland
- Portugal
- Singapore
- Slovenia
- Spain
- Sweden
- Switzerland
- Taiwan
- United Kingdom
- United States
If at least one of the PSCs for your company is a corporate PSC, we may have asked you for your contact details as part of your Zempler business account application.
If we have, we’ll be in touch to continue your application within five working days. There may be an additional cost of £100 as part of your account opening fee.
We only accept applications with one level of corporate PSCs or corporate directors - we don’t accept multiple.
Yes - at the moment we don’t accept applications with more than four PSCs listed, or multiple level corporate PSCs.