Register of Overseas Entities
On 1 August 2022 the Register of Overseas Entities came into force through the Economic Crime (Transparency and Enforcement) Act 2022.
Overseas entities that wish to buy, sell or transfer property or land in the UK are now required to register with Companies House and disclose information relating to their registrable beneficial owners or managing officers.
Furthermore, overseas entities that already own or lease land or property in the UK are also now required to register with Companies House and disclose information relating to their registrable beneficial owners or managing officers by 31 January 2023.
Companies House
The new Register of Overseas Entities is held by Companies House. There will be severe sanctions for those who do not comply, including restrictions on buying, selling, transferring, leasing or charging their land or property in the UK.
“What you need to do
Overseas entities who want to buy, sell or transfer property or land in the UK, must register with Companies House and tell us who their registrable beneficial owners or managing officers are.
Overseas entities who already own or lease land or property in the UK will also need to register with Companies House and tell us who their registrable beneficial owners or managing officers are by 31 January 2023.
This applies to overseas entities who bought property or land on or after:
- 1 January 1999 in England and Wales
- 8 December 2014 in Scotland
Overseas entities only need to register property or land bought in Northern Ireland on or after 1 August 2022.
Entities that disposed of property or land after 28 February 2022 will also need to give details of those dispositions.”
Transitional arrangements
From 1 August 2022, overseas entities that already own land in England and Wales from 1 January 1999 and Scotland from 8 December 2014 will have six months to register with Companies House, including to provide details of their beneficial owners and, where required, managing officers.
With regard to new purchasers, they must register with and obtain an Overseas Entity ID number from Companies House. Although they will be able to register their title with the relevant land registry without an Overseas Entity ID number until 5 September 2022, they will need the number to sell the property. From 5 September 2022, new purchasers will not be able to apply to register their title with the relevant land registry without an Overseas Entity ID number.
Application
To apply to register an overseas entity and its beneficial owners, applicants will need –
· to sign in to or create a Companies House account
· to give us the name and email address of someone we can contact about the application
· to give information about the overseas entity and its beneficial owners or managing officers
· to tell us about the UK-regulated agent that completed verification checks
· to give information about trusts (if relevant)
· a credit or debit card to pay the £100 registration fee – for now, you cannot pay with a Companies House payment account
You’ll also need to provide an agent assurance code if you’re the UK-regulated agent who carried out the verification checks.
Helpful links
GOV.UK – Guidance – Register of Overseas Entities: guidance on registration and verification (Link)
Companies House – Guidance – Register an overseas entity and tell us about its beneficial owners (Link)
HM Registry – Guidance – Practice guide 78: overseas entities (Link)
Registers for Scotland – Guidance – About Register of Overseas Entities (Link)
UK Government announcement – New register to crack down on dirty money and corrupt elites in UK goes live (Link)