The deadline for updating the Register of Overseas Entities is approach on 31 January 2023
The details of the ultimate beneficiaries of land and property in the UK owned by companies or organisations registered outside the UK must be disclosed to Companies House as part of the Register of Overseas Entities.
These ultimate beneficiaries, known as “beneficial owners” could be individuals, other businesses, governments or public authorities or trustees.
They will have more than 25 per cent of the shares in the company or organisation, more than 25 per cent of the voting rights, the right to appoint or remove a majority of the board of directors and have the right to exercise significant control over it.
The overseas entity that owns the land or property will need to submit the following information to Companies House:
- country it was formed in
- registered office address and correspondence address
- email address – we’ll use this to send important information, including the Overseas Entity ID
- legal form and governing law
- public register it appears on and its registration number (if it has one)
It will also need to provide the following information about land or property in the UK disposed of since 28 February 2022:
- the deed or title number of the land or property
- the date that the land or property was disposed of
- details of any additional beneficial owners or managing officers at the time the land or property was disposed of
The following details of a UK-regulated agent will also need to be submitted:
- correspondence address
- email address – we’ll use this if we need more information about the verification checks
- supervisory body
- Anti-Money Laundering (AML) number, if you have one
Where the beneficial owner is an individual, the following information will be required:
- full name
- date of birth
- correspondence address and home address
- date they became a beneficial owner for the overseas entity
- nature of control
There are further disclosure requirements in relation to trusts and trustees, government organisations and other legal entities. Moreover, in some circumstances, you may need to provide additional information to Companies House beyond that set out above, which is not exhaustive.
The requirements apply retrospectively to overseas entities that bought land or property in England or Wales on or after 1 January 1999 or in Scotland after 8 December 2014.
Overseas entities in this position must register by 31 January 2023.