The United Kingdom (“UK”) Government has introduced legislation that increases the transparency of overseas entities, which own land or property in the UK.
The Register of Overseas Entities (“the Register”) came into force on 1 August 2022, with a 6-month transitional period (until 31 January 2023) for all relevant entities to comply with the new registration requirements.
This means that all in-scope overseas entities, which own UK land or property, are required to collect, verify and register information about the ultimate beneficial owners or managing officers of the overseas entities within the 6-month transitional period ending on 31 January 2023. Please note that information in the Register is required to be updated annually.
For any in-scope overseas entities are required to complete the below steps in order to be compliant:
- Identify their registrable beneficial owners
- Prepare and provide the required information
- Verify the required information
- Submit the required information to the UK Companies House
If fail to comply with this obligation, severe sanctions may be incurred. For more information, please press here.