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The Register of Overseas Entities came into force in the UK on 1 August 2022 through the new Economic Crime (Transparency and Enforcement) Act 2022.
Overseas entities who want to buy, sell or transfer property or land in the UK, must register with Companies House and tell them who their registrable beneficial owners or managing officers are. This also applies retrospectively to overseas entities who bought property or land on or after:
➤ 1 January 1999 in England and Wales
➤ 8 December 2014 in Scotland
These overseas entities had to register with Companies House and disclose who their registered beneficial owners or managers are by January 31, 2023.
After registering, the overseas entity will get a unique Overseas Entity ID to give to the land registry when it buys, sells, transfers, leases or charges UK property or land.
An overseas entity is
A legal entity, such as a company or other organization, that has a legal personality and is governed by the laws of a country or territory outside the UK.
The Republic of Ireland is an overseas jurisdiction for the Overseas Registry.
A beneficial owner is
Any individual or entity that has significant influence or control over the overseas entity. It can be:
an individual person
another legal entity, such as a company
a government or public authority
a trustee of a trust
a member of a firm that is not a legal person under its governing law
Overseas entity information that must be submitted
name
country it was formed in
registered office address and correspondence address
email address - will be used to send important information, including the Overseas Entity ID
legal form and governing law
public register it appears on and its registration number (if it has one)
If the entity has disposed of UK property or land since 28 February 2022, it will also need to declare:
➤ the deed or title number of the land or property
➤ the date that the land or property was disposed of
➤ details of any additional beneficial owners or managing officers at the time the land or property was disposed of
Beneficial owner information: individual person
You’ll need to declare each beneficial owner’s:
➤ full name
➤ date of birth
➤ nationality
➤ correspondence address and home address
➤ date they became a beneficial owner for the overseas entity
➤ nature of control
You’ll also need to tell: A) if they’re on the UK Sanctions List B) if any beneficial owners have their personal information protected at Companies House (or are waiting for the results of an application)
Beneficial owner information: other legal entity
You’ll need to declare each beneficial owner’s:
➤ name
➤ registered office address and correspondence address
➤ legal form and governing law
➤ public register it appears on and its registration number (if relevant)
➤ date they became a beneficial owner for the overseas entity
➤ nature of control
➤ You’ll also need to tell if they’re on the UK Sanctions List.
An overseas entity can apply to be removed from the Register of Overseas Entities if it is not, or is no longer, a registered owner of land or property in the UK.
© 2023 UPECO LTD
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ATTENTION!
This article intends to give only a general informative picture and should not, in any case, be taken as a rule. It is strongly recommended to seek a full and professional guidance specifically for your circumstances before making any decisions.
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