Your Guide to the Register of Overseas Entities
In 2022, The Register Of Overseas Entities was created, which requires people to register any overseas entities with Companies House.
As a leading conveyancing firm based in Sheffield, at PM Property Lawyers, we’re committed to keeping our clients informed about crucial developments in the UK property market. We are passionate about providing transparent and reliable conveyancing services, and The Register of Overseas Entities is an initiative that strongly aligns with that.
What is the Register of Overseas Entities?
The Register of Overseas Entities came into effect on the 1st of August 2022. It’s a central database mandated by the UK government, requiring overseas entities to disclose their ownership of UK property and land. The register was created in a bid to increase transparency of UK property ownership and by extension, create a fairer economic environment.
Overseas entities that are involved in UK property transactions must be registered and provide information about any beneficial owners.
What is a Beneficial Owner?
A beneficial owner is a person, government body, trustees or other legal entity that has significant influence or ownership over the UK property. If the beneficial owner is situated overseas, this would make them an overseas entity.
For example, some ownership structures are layered, meaning there is more than one person or organisation who has significant influence within a business. This means that they may have an impact on the property and whether or not it is sold. However, all the beneficial owners may not be clear, or registered.
The Register of Overseas Entities is a way to create transparency and have a record of who can make decisions when it comes to the buying and selling of UK property.
Register of Overseas Entities Guidance
Registering with the Register of Overseas Entities is a legal obligation. This means it’s legally required to register any overseas entities and keep it up-to-date. But on top of that, it’s a proactive step towards ensuring the integrity of the UK property market by deterring people from infiltrating it with illegal activities.
Navigating the registration process may seem complex, but you’re not alone. PM Property Lawyers is here to provide comprehensive guidance tailored to your needs. Whether you’re a property owner, investor, or legal representative, our expertise and resources are at your disposal. From understanding registration requirements to compiling necessary documentation, we’re here to simplify the process and ensure compliance every step of the way.
By registering your overseas entity, you contribute to a safer and more transparent real estate environment for all stakeholders. We are here to help our clients to contribute to a fairer property market.
What Information is Required?
Get Started with PM Property Lawyers
At PM Property Lawyers, we have years of experience working with businesses and supporting them in their dealings with Companies House.
Contact us today to see how PM Property Lawyers can help you on your property journey.