January 19, 2023 Updating the Register of Overseas Entities
The 31st January 2023 deadline for overseas entities to register information about property which they own or lease in the UK is fast approaching. With numbers of entities yet to register it’s perhaps unsurprising that Companies House is therefore pulling out all the stops to try and ensure that sufficient information on registering is available in the public domain. So much so that, at the time of writing, the most recent four news publications on the Companies House website all relate to the Register of Overseas Entities.
Admittedly the most recent news update merely pulls together sources of information. These include handy links to published guidance on registration, verification, and disposal as well as links to UK-regulated agents, including Elemental, who can act for entities in the verification process. Taken together, these sources should provide entities with a basic understanding of what is required in order for them to comply with the Register’s requirements.
In sharing a copy of the latest letter which it has issued to entities which it believes have yet to comply with the regulations, Companies House is also highlighting the fact that entities may still need to register even if they have recently disposed of a holding. This is echoed in another one of the recent updates which sets out the process to be followed in the event of a current or pending disposal of relevant property. So, for example, if there is a pending application to transfer property to a third party then entities may wish to contact the relevant land registry to see if they can expedite the transfer in order to complete it by 31st January.
Companies House suggests that in the event of an overseas entity remaining on a land registry register after 31st January they may need to take legal advice about whether they need to register the entity and beneficial owners on the Register of Overseas entities. However, it should be noted that entities who have disposed of property after 28 February 2022 will still need to comply with their reporting duties as set out in section 41 and section 42 of the Economic Crime (Transparency and Enforcement) Act 2022.
Elemental is a UK regulated agent, delivering a fully managed service which supports international businesses in the verification and registration processes required in order to comply with the relevant Register of Overseas Entities legislation.