In this episode, Partner Rachel Graham and Managing Director of Client Services Amy Roost, along with guest expert Sonia Dhesi, Owner and Managing Director of Appleton Company Services Limited, provide key information in relation to the newly implemented Overseas Entity register.

Key takeaways

• Any non-UK entity, which holds land in the UK, needs to register as an Overseas Entity at Companies House.
• The deadline for registration is 31 January 2023.
• There are significant penalties (£2500 per day) for failure to register before the deadline, and restrictions are imposed on the ability to acquire and transfer land.
• If you have not already begun the registration process, do so urgently.
• Where an entity held land on or after 28 February 2022 but disposed of it before 5 September 2022, it will likely still need to register with Companies House.
• As part of the registration process, the entity will need to identify its registrable beneficial owners – in simple terms, anyone holding at least 25 per cent of the shares or voting rights in the entity or with significant control of the entity (where there is a trust involved in the ownership structure the process can be quite complicated).
• Seek advice if you need help determining which registrable beneficial owners should be identified and verified.
• Current certified proof of identity and address will need to be presented to a UK verification agent to complete the process.
• We can assist with the registration and verification process via an authorised agent in the UK, where we are the registered agent of an entity.
• Once registered, there is an annual renewal obligation.