Register of Overseas Entities - Implications for Filings at Companies House

Introduction

The Economic Crime (Transparency and Enforcement) Act received Royal Assent on 15 March 2022. This Act introduces the creation of a register for beneficial owners of overseas entities that own UK property - the ‘Register of Overseas Entities'.

In addition, a statutory instrument named the ‘Register of Overseas Entities (Delivery, Protection and Trust Services) Regulations 2022’ was laid before the House of Commons at the end of June 2022. This secondary legislation is the first in a series of statutory instruments expected and relates to the new register, which will be held by Companies House.

Companies House have confirmed in a recent blog that work continues ‘a pace’ on this new register. As soon as the register goes live, there will be implications for overseas entities which include the fact an overseas entity may not apply to be registered as the proprietor of a freehold estate in land (or leasehold granted for more than 7 years) nor register sales of such estates unless they are registered overseas entities. It will also be a criminal offence for both the entity and any officers to fail to comply (which can result in fines and or imprisonment).

If you are advising any overseas entities (or beneficial owners of such overseas entities) who are buying, selling or who own property in the UK or who are bidding for public contracts, then this interactive seminar is for you. You will find out who will be impacted and what information they will need to provide, together with answers to other topical questions surrounding the register.

For further information regarding the impact of The Economic Crime Act from a conveyancing perspective, please see Register of Overseas Entities - Practical Implications for Property Lawyers

What You Will Learn

This live and interactive session will cover the following:

• The thinking behind the new legislation
• The restrictions that the new legislation will implement (and details of any relevant secondary legislation)
• The conditions for registration
• The updating duty (including details or each person who became or ceased to be a registrable beneficial owner)
• The ability for the Secretary of State to make regulations to require the verification of information supplied
• The transitional arrangements for overseas companies already owning UK property
• Contents of the register
• Consequences of non-compliance

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.