What is the Registry of Overseas Entities?
Posted on 18th April 2023 at 16:25
The objective of the Register of Overseas Entities is to record the beneficial possession via "overseas entities" of land in the UK. The government has made it mandatory for all companies, whether local or foreign owned, to register with the Registrar of Companies (RoC) under Section 7 of the Companies Act 2013. To address concerns about a lack of transparency over who owns properties in the UK, the Economic Crime (Transparency and Enforcement) Act 2022 (the Act) created the Registry of Overseas Entities (ROE). The ROE, which will be held at Companies House, will contain information about the beneficial owners of foreign businesses with "qualifying estates" in UK land.
Registration period for ROE
Between August 1, 2022, and January 31, 2023, there is a registration transition period. During this time, any foreign entity that still possesses an eligible estate on UK land must have applied to be registered on the ROE. Suppose the individual is an OE who acquired the property after 1999. In that case, he must either have applied to register on the ROE disclosing his beneficial owners (or managing officers) or have disposed of such property by January 31, 2023. Once registered with Companies House, they will be given an OE ID number, which they may use to demonstrate compliance with the regime to the Land Registry.
How to register a company for ROE?
Overseas entities are the ownership of a company or other legal entity outside the country of its registration. This is different from domestic companies which are registered in a particular country. The process of registering an overseas company is similar to registering any other type of company, but there are some differences too. Foreign companies and other entities that own or purchase UK property are required to register with the UK government. The register includes information about the entity's name, registered address, registration number, and details about the property they own or purchase. The register of overseas entities is administered by Her Majesty's Revenue and Customs (HMRC). The register is searchable by the public, allowing anyone to access information about foreign companies and other entities that own or purchase UK property.
The register aims to make it more difficult for criminals to launder money through the UK property market. The register ensures that the UK government has access to information about foreign entities that are involved in UK property transactions. This aids in the prevention of financial crimes such as money laundering. However, some things could be improved in the system, and some experts have raised concerns about the accuracy of the information provided by overseas entities. If you need to register an overseas entity in the UK, you can find a complete guide on the registration process on various websites.
In conclusion, the register of overseas entities is an important tool in preventing money laundering and increasing transparency in the UK property market. It provides the UK government with essential information about foreign entities that own or purchase UK property, and it is accessible to the public.
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