The UK Register of Overseas Entities

The UK Register of Overseas Entities: What is it and how do you comply?

On 1st August 2022, Companies House launched the UK Register of Overseas Entities under the Economic Crime (Transparency and Enforcement) Act 2022. Its main purpose is to provide greater transparency over beneficial ownership and to combat the use of UK land for criminal intent.

As such, any overseas entities that own UK property or land in the UK must be registered with Companies House. The deadline for registering is fast approaching, with entries to be submitted by 31st January 2023.

Here at Appleton, as an approved agent of Companies House, we are ready to guide you through the process of filing and verification to help you meet the deadline on time.

What is the Register of Overseas Entities?

Held by Companies House, the Register of Overseas Entities was created in response to UK property and land being used for criminal purposes. Any overseas entities that wish to purchase, sell, or transfer land or property in the UK are required to register with Companies House, as well as detailing who their registrable beneficial owners or managing officers are. The Registration is per entity and not per property; hence if the entity owns several properties only one registration for the entity will be made.

There are three main requirements, with deadlines, that must be met by overseas entities, these are as follows:

1. Any land or property purchased after 5th September 2022 by overseas entities must be registered with Companies House before completing the purchase.
2. Any overseas entities that already own or rent UK land or property need to register with Companies House by no later than 31st January 2023. This is applicable to all overseas entities that purchased property or land after 1st January 1999 in England and Wales, or 8th December 2014 in Scotland.
3.      Any overseas entities that disposed of UK property between 28th February 2022 and 31st January 2023 are also required to, retrospectively, register.

What are the penalties for not complying with the Register of Overseas Entities?

If you fail to register by the deadline of 31st January 2023, you will be committing a criminal offence, meaning you are at risk of the following:

–          A fine

–          Imprisonment of up to 5 years

–          A late registration penalty of £2,500 per day, after the 31st January deadline passes

–          Restrictions on buying, selling, transferring, or leasing property in the UK

The application process

The process to apply is made online with Companies House and will need to include information on any beneficial owners or managing officers, where applicable. Once submitted, the information must be reviewed and updated annually.

Before registering, all information must be verified by a UK regulated agent. As a Companies House approved agent, Appleton can help with authenticating your registration and filing the relevant information.

Once the application has been received, it is a relatively quick process. Upon a successful registration, the entity will be issued a unique Overseas Entity ID.

Contact Us

We’re here to help you and your business through the process of registering. If you need further guidance or information on the Register of Overseas Entities, contact us today!

Telephone: +44 (0)20 8741 1224

Email: info@appleton.co.uk