The requirement for overseas entities to register with Companies House in England and Wales has transformed the landscape of UK property ownership. In this article, Companies House Registration Of Overseas Entities, we take a look at the process and mechanism involved.
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Understanding the Register of Overseas Entities (ROE)
The ROE, established by the Economic Crime (Transparency and Enforcement) Act 2022, aims to enhance transparency in UK property ownership. Any overseas entity that owns, or intends to acquire, an interest in land situated in England and Wales must register with Companies House. This includes:
- Freehold land
- Leasehold land with a remaining term of more than seven years
- Land held through a nominee or other indirect arrangement
Examples of overseas entities that may need to register include:
- Foreign companies
- Trusts
- Limited partnerships
The Registration Process
The registration process for overseas entities on the ROE is conducted electronically through Companies House. Here’s an overview of the key steps:
- Creating a User Account: An overseas entity will need to appoint a registered agent in the UK to create an account on Companies House. The agent can be an individual or a company based in the UK authorised to act on the entity’s behalf.
- Providing Required Information: Detailed information about the overseas entity must be submitted, including:
– Name of the overseas entity
– Country or jurisdiction of incorporation
– Information about beneficial owners or managing officers:** This includes full name, nationality, date of birth, residential address, and the nature and extent of their beneficial interest.
- Verification of Information: Since January 2023, all information submitted regarding beneficial owners or managing officers needs to be verified before registration. Verification can involve providing documents like passports or utility bills.
- Payment of Fees: A registration fee is payable to Companies House upon submission of the application.
- Maintaining Registration: Once registered, the overseas entity needs to keep its information on the ROE up-to-date by filing an annual Confirmation Statement with Companies House.
- Consequences of Non-Compliance
Failure to register with the ROE or providing false information can lead to significant consequences for overseas entities and their officers, including:
- Fines: The entity and its officers can be subject to significant fines.
- Restriction on dealing with the land: The overseas entity may be restricted from selling, leasing, or mortgaging the UK property until they comply with the registration requirements.
- Criminal prosecution: In serious cases, there is a possibility of criminal prosecution.
Benefits of ROE Registration
While registration adds an administrative step, there are potential benefits for compliant overseas entities:
- Enhanced Transparency: Registration promotes transparency in UK property ownership, potentially improving business reputation and attracting investors.
- Smoother Transactions: A registered entity may encounter fewer hurdles when dealing with the UK property market.
- Reduced Risks: Compliance with the ROE regulations can mitigate legal and reputational risks associated with non-compliance.
Blackstone Solicitors: Your Partner in ROE Registration
Blackstone Solicitors can assist your overseas business with navigating the ROE registration process. Our experienced team can help you with:
- Determining if your business needs to register with the ROE.
- Guiding you through the registration process on Companies House.
- Compiling and verifying the required information about your beneficial owners.
- Ensuring ongoing compliance with the ROE regulations.
By seeking legal guidance, overseas businesses can ensure a smooth registration process and avoid potential pitfalls associated with non-compliance.
Conclusion
The ROE registration requirement is a significant development for overseas entities owning property in England and Wales. Understanding the process, its implications, and seeking legal advice from a qualified solicitor can help your business navigate this new regulatory landscape effectively. Blackstone Solicitors can be your trusted partner in ensuring your business remains compliant and operates with transparency in the UK market.
How we can help
We have a proven track record of helping clients register overseas entities. We will guide you through the process and ensure all checks are carried out swiftly and efficiently and we firmly believe that with the right solicitors by your side, the entire process will seem more manageable and far less daunting.
How to Contact Our Corporate Solicitors
It is important for you to be well informed about the issues and possible implications of registering an overseas entity. However, expert legal support is crucial in terms of ensuring a positive outcome to your case.
To speak to our Corporate solicitors today, simply call us on 0345 901 0445, or click here to make a free enquiry. We are well known across the country and can assist wherever you are based. We also have offices based in Cheshire and London.
Disclaimer: This article provides general information only and does not constitute legal advice on any individual circumstances.
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