As a leading corporate services provider our goal is to help clients and our professional intermediary partners set up, grow and responsibly maintain their legal entities by doing what we do best: reducing risk and enhancing efficiency.
As your service provider it’s our duty to ensure you stay on top of increasingly complex rules and regulations. As an approved Verifying Agent by UK Companies House we are ready to guide you through the Register of Overseas Entities Regulation.
To talk to our team about your needs, complete our form and we’ll be in touch.
What is the Register of Overseas Entities and what does it mean for your entities?
The new Register of Overseas Entities went live on 1 August 2022. Maintained by UK Companies House the Register forms part of the Economic Crime (Transparency and Enforcement) Act 2022 which received royal assent in March 2022.
The Act, and the Register, is the UK Government’s response to combat use of land in the UK for criminal purposes, and to increase transparency and public trust in overseas entities owning land in the UK.
From 1 August 2022, the details of beneficial owners of overseas entities owning property or land in the UK need to be registered with Companies House.
Primary obligations and deadlines
There are three primary areas of obligation for relevant overseas entities, and important deadlines:
What are the implications of not meeting the obligations of the Register?
Penalties for not complying with the ROE filing obligations include:
– Fines of up to £2,500 per day
– Or up to five years in prison
– Restrictions when buying, selling, transferring, leasing or charging property in the UK
How you can prepare
Our Head of Legal Advisory and Global Entity Management, Debbie Farman, has shared her thoughts on what organisations need to do in light of this regulation and suggested actions they need to take now.