As of August 1, 2022, if your company holds property in the United Kingdom, you will be required to register with Companies House by January 31, 2023 as a result of The Register of Overseas Entities ("ROE") legislation.
Tricor is able to assist you directly by registering the information on your behalf, ensuring compliance with the new requirements.
What does this mean for you? Learn everything you need to know to stay compliant in 1 minute.
What is the Register of Overseas Entities "ROE" about?
The new Economic Crime (Transparency and Enforcement) Act has created a requirement for a Register of Overseas Entities “ROE” to be held by Companies House. The new register will launch on GOV.UK and entities and their agents will be required to register online from August 1, 2022.
The ROE will require overseas entities that own UK land to declare their beneficial owners or managing officers. There will be severe sanctions for those who do not comply, including restrictions on buying, selling, transferring, leasing or charging their land or property in the UK, as well as daily fines and possible imprisonment.
After registering, an Overseas Entity ID will be provided by Companies House to be used on all land registry applications, including when it buys, sells, transfers, leases or charges UK property or land.
Without this registration, the UK Land Registrar has been granted powers not to register title in the name of the overseas entity.
The name of the overseas entity and its beneficial owners will be publicly available.
- Fines of up to £2,500 per day
- Prison sentence of up to five years
- Restrictions when buying, selling, transferring, leasing or charging property or land in the UK
- Registering the information on your behalf
- Verifying the "Know Your Customer (KYC)" information and the statutory information held via our network of registered offices
- Updating the Register of Overseas Entities (ROE) held in the UK
For questions or enquiries, please email contact.us@hk.tricorglobal.com or contact your local Tricor office who will advise you of the information and documentation needed and the process to help ensure your compliance with the ROE.