The Register of Overseas Entities, which came into force back in August, requires all overseas entities owning property in the UK to register with Companies House before the deadline of January 31.
Overseas entities must declare their beneficial owners and/or managing officers on time to avoid prosecution or civil financial penalties. Overseas entities that fail to register will also find it difficult to sell, lease or raise charges over their property and land.
As the deadline nears, Companies House is urging any overseas entities to make contact directly if they are unable to meet the deadline.
Rachael Watts, Head of Register of Overseas Entities at Companies House, says: “We are working closely with stakeholders, including agents, supervisory bodies and overseas registries to ensure that Overseas Entities comply with the rules and register themselves before the deadline.
“However, we urge any overseas entities in scope that haven’t yet registered to get in touch with us directly if they are experiencing any issues.
“Overseas entities which ignore warnings and fail to register before the deadline will face consequences, including restrictions on their ability to sell, lease or raise charges over their land.”
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