The deadline for updating the Register of Overseas Entities is fast approaching on 31 January 2023.
The details of the ultimate beneficiaries of land and property in the UK owned by companies or organisations registered outside the UK must be disclosed to Companies House as part of the Register of Overseas Entities.
These ultimate beneficiaries, known as “beneficial owners” could be individuals, other businesses, governments or public authorities or trustees.
They will have more than 25 per cent of the shares in the company or organisation and of the voting rights; the right to appoint or remove a majority of the board of directors and have the right to exercise significant control over it.
The overseas entity that owns the land or property will need to submit certain information to Companies House which will include the name of the entity; country of incorporation; legal form and address.
It will also need to provide the information about land or property in the UK disposed of since 28 February 2022.
Where the beneficial owner is an individual, detailed information on that individual will be required, although is not shown in full on public record.
There are further disclosure requirements in relation to trusts and trustees, government organisations and other legal entities. Moreover, in some circumstances, you may need to provide additional information to Companies House beyond what we consider as standard.
The requirements apply retrospectively to overseas entities that bought land or property in England or Wales on or after 1 January 1999 or in Scotland after 8 December 2014.
Overseas entities in this position must register by 31 January 2023.
The details of a UK-regulated agent will also need to be submitted.
As a UK-regulated agent, we can provide you with assistance registering your overseas entity.
If you think the registration requirement may apply to you, contact us now for advice and assistance.
