UK Register of Overseas Entities

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.

The Register of Overseas Entities is held by Companies House and requires overseas entities – a company or a trust which has a corporate trustee – that own land or property in the UK to declare their beneficial owners and managing officers.

Who does it apply to?

It applies to overseas entities who want to buy, sell or transfer property or land in the UK as well as, retrospectively, to those overseas entities who bought property or land on or after:

• 1 January 1999 in England and Wales
• 8 December 2014 in Scotland
• 1 August 2022 in Northern Ireland

In addition, the Act applies to the entities that disposed of property or land after 28 February 2022 who will also need to register and give details of that disposal.

What actions should you take?

These overseas entities will need to register with Companies House and report who their registrable beneficial owners or managing officers are by 31 January 2023.

What are the penalties?

Fines for non-complying with the Act could be up to £2,500 per day or a prison sentence of up to 5 years. You’ll also face restrictions when buying, selling, transferring, leasing or charging property or land in the UK.

If you own a freehold or a long leasehold land or property in the UK, or if you have doubts whether the above applies to you, please contact SFM Corporate Services and we will be able to assist you.