As an appointed Companies House UK regulated agent & AML regulated corporate service provider, CENTRUM is able to accommodate a streamline verification of the beneficial ownership details of the overseas entities for submission to Companies House.
WHO IS AFFECTED?
Overseas entities who want to buy, sell or transfer property or land in the UK. After registering on ROE, the overseas entity will get a unique ‘Overseas Entity ID’ to give to the Land Registry when it buys, sells, transfers, leases or charges UK property or land.
HOW TO SUBMIT THE REGISTER OF OVERSEAS ENTITIES?
To register the required information on ROE, only a UK-regulated agent who is supervised under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 can complete verification checks on all beneficial owners and managing officers of an overseas entity.
IS THE REGISTER OF OVERSEAS ENTITIES PUBLIC?
The ROE will be freely available to general public via Companies House (UK companies registry). Certain information, like individuals’ residential address and full DOB will be obscured for security purposes.
DEADLINE TO REGISTER
The overseas entities had to register with Companies House by 31 January 2023.
We encourage everybody affected but who didn't meet the deadline, to action now and satisfy the compliance requirements as soon as possible.
Get in touch and we will happly assist you.
FAILURE TO COMPLY
If you are not compliant with the Act, you could be fined up to £2,500 per day or get a prison sentence of up to 5 years. But most impactfully, you will face restrictions when buying, selling, transferring, leasing or charging property or land in the UK as the Land Registry will have to have the ‘Overseas Entity ID’.
The fee for registering an entity starts at £500.00 (depending on the complexity of the structure).
HOW OFTEN THE REGISTER OF OVERSEAS ENTITIES TO BE UPDATED?
The ROE must be filed on an annual basis one year after it was registered, and every year after that. It must be filed no later than 14 days after the due date. It can also be filed earlier if the information needs updating.
The above information is merely an outline of the new implementation and the Guidance in its entirety can be read here.