What do I need to know about the Register of Overseas Entities?

The Register of Overseas Entities (ROE) has come into effect.

Find out all you need to know and how you might be affected below.

Part of the wider Economic Crime (Transparency and Enforcement) Act 2022, the ROE requires overseas entities that own UK land purchased since January 1999 to declare their beneficial owners or managing officers.

The fact that the Act has such a large retrospective reach means that any overseas entity that owns property falling within the remit will need to register with Companies House.

The ROE is part of a wider Government strategy to combat economic crime and at the same time make sure that legitimate businesses can continue to view the UK as a great place to invest.

Who needs to register?

In general terms, you need to disclose if you are a beneficial owner who:

• Holds more than 25 per cent of the shares and/or voting rights
• Holds the right to appoint and/or remove the majority of the board
• Has the right to exercise significant influence and/or control over the entity

What information needs to be provided?

The Act specifies that the Overseas Entity must provide the following information when applying for registration:

• Name
• Country of Incorporation
• Service Address

There is also a requirement for more specific information regarding each registerable beneficial owner, including:

• Their name, date of birth, and nationality
• Their usual residential address (this will not be made public knowledge)
• An address for service

If the beneficial owner of the entity is also a trustee, Companies House will also need information about the trust. This information will not be made public.

If you believe you could be affected by the Register of Overseas Entities, contact our team today for advice.