UK Register of Overseas Entities
UK Register of Overseas Entities
The UK has introduced, by virtue of the Economic Crime (Transparency and Enforcement) Act 2022, The Register of Overseas Entities (ROE).
The Act requires for any non-UK entity owning (freehold or leasehold) land / property / real-estate in the UK to register beneficial ownership information.
Firstly, only purchases made after 1st January 1999 in England and Wales, 8th December 2014 in Scotland and 1st August 2022 in Northern Ireland fall under the Act.
UK Registered Agent:
Before such information can be entered in the ROE, the information about the company’s ultimate beneficial owners / managing officers needs to be verified. This needs to be done by a UK registered supervisor (relevant person), authorised under UK money laundering regulations.
The Ralstan Group are regulated by HMRC as a Trust and Corporate Service Provider. Therefore, we are authorised under UK money laundering regulations to provide this service.
We have many years of experience of working with international regulated corporate and trust providers. We therefore understand the pressures of dealing with matters within this environment. Our aim is to ensure that the registration is actioned quickly and accurately.
Information Required:
The information is required for managing officers and ultimate beneficial owners that hold 25% or more of the shares or voting rights in an entity. It is also relevant for those who have the ability of remove / appoint directors or the ability to exercise significant control such as through a contract.
Please ask for further information on entities such as Trusts.
Overseas Entity ID number:
Once the initial filings have been made, the overseas entity will receive an Overseas Entity ID number. They will be required to lodge annual filings annually thereafter until the relevant property is sold and where an application for cancellation of registration is made.
Furthermore, new purchasers of property are now required to register under the ROE. In addition, they will require an Overseas Entity ID number, before the acquired property can be registered at the UK Land Registry. The Overseas Entity ID number is now required for all purchases / sales / leases and transfers within the United Kingdom.
Deadline:
The deadline for registration is 31st January 2023. Fines will be applicable for late registration.
In Summary:
Please do get in touch with us if you need assistance with your client’s circumstances or if you as a client would like more information.
We can provide a fee quotation based upon the specific circumstances of the overseas entity. Please contact us.
For further information about the requirements of the UK Register of Overseas Entities, please visit the Government website below.
https://www.gov.uk/government/news/the-new-register-of-overseas-entities-is-live
CONTACT US:
The Ralstan Group prides itself on being a ‘go to’ resource for clients and their advisers.
Consequently, if you have any questions, please give Andy or Michelle a call on 0161 282 0444.
Alternatively, email us today on enquiries@theralstangroup.co.uk.
Click here to read our article on the UK Autumn Statement 2022.
