Overseas entities that own UK property must register information at Companies House by 31st January 2023
Failure to do so is a criminal offence
You will need an accredited agent to undertake checks and register your information
We can help you to prepare your registration and process it for you.
VERSEC is accredited for this purpose by the UK Government.
Although the deadline for registration of companies which held property prior to 31 January, you are strongly advised to register to mitigate financial penalties and potential criminal prosecution by HMRC. You should also register companies newly holding property in the UK to avoid action.
What is this?
The Economic Crime (Transparency and Enforcement) Act 2022 is new legislation which requires that an overseas entity that either owns or intends to acquire property in the UK is required to register its corporate ownership details.
If they do not register, these overseas entities will not be able to dispose of or deal with its UK property interests and will not be able to register property at the UK Land Registry. Their officers and the entity will; also be committing a criminal offence.
Am I required to register?
Yes, if the following apply:
- The overseas entity, individual, government or local authority
- Directly or indirectly holds more than 25% of the shares or voting rights of the UK entity, OR
- Directly or indirectly has the right to appoint or remove a majority of the Board of Directors of the UK entity, OR
- Has the right to exercise or actually exercises significant influence or control over the UK entity
- The UK entity owns or intends to acquire property in the UK
I’m not sure if I need to register
Get in touch and we will free of charge assess your need to register
Can I register direct with Companies House?
No. The registration must be undertaken by a “relevant person” authorised by the UK Government. The relevant person will undertake background checks before registration.
Get in touch now