Register of Overseas Entities – Legislative Requirements for Owners of relevant UK Property or Land
Updated on: August 20, 2024
1 August was the second anniversary of the Register of Overseas Entities (the “ROE”) being launched, which applies to overseas companies that hold the legal title to any relevant UK property or land, meaning many companies will be approaching the next filing date for their Update Statements.
Under UK law, Overseas Entities are required to file an Update Statement annually to confirm the information held by Companies House is correct and up to date. The Update Statement is due no later than one year + 14 days after the Overseas Entity was first registered on the ROE, or one year + 14 days after the most recent Update Statement for an Overseas Entity.
Filing Update Statements
Where information has changed since the Overseas Entity was registered or since the submission of its most recent Update Statement, a UK-regulated agent must complete verification checks to confirm the information is accurate. Where there have not been any changes, there is no requirement for additional verification and the Overseas Entity can submit the Update Statement itself.
Penalties
It is a criminal offence not to file the Update Statement and Overseas Entities (and/or their Managing Officers) may face prosecution or financial penalties.
Overseas Entity ID numbers will also become invalid where an Overseas Entity does not file the Update Statement in time and will not become valid again until the Overseas Entity brings their record up to date. This means Overseas Entities will not be able to buy, sell, transfer, lease or raise charges against property or land in the UK if they miss their filing deadline.
NEW – Removal of an Overseas Entity
Companies House has now launched the removal process for companies that no longer need to be registered as Overseas Entities. After an Overseas Entity has disposed of all its UK property or land, it will need to wait until the change of ownership has been updated on the relevant land registry records before applying to Companies House for removal.
As part of the removal application, the Overseas Entity must check and confirm that all information held by Companies House is correct at the date of the application. If there are any changes to the information held by Companies House, a UK-regulated agent must complete verification checks to confirm the information is accurate.
How Gen II Can Help
We offer a comprehensive, time-efficient solution for initial registration and verification on the ROE, ongoing filing of Update Statements, and removal applications. This includes:
- Clear fees with no hidden costs
- Qualified professionals to manage the process
- UK-regulated agent providing expert, efficient verification
- Tracking of key dates to ensure you never miss a deadline
To find out more about how Gen II can support you and your business with the requirements surrounding this ongoing legislation, please contact us at eca@gen2fund.com or your usual Gen II contact.
Published on: August 20, 2024
