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Register of Overseas Entities - news article image

Register of Overseas Entities

5 Aug 2022

1 minute read

As part of the Government’s strategy to combat economic crime, the Register of Overseas Entities (ROE) requires overseas entities that own UK land or property to declare their beneficial owners or managing officers. 

An ‘overseas entity’ has been given a wide definition in the draft Bill and means a legal entity that is governed by the law of a country or territory outside the UK. This applies to all non-UK incorporated companies, LLPs and non-UK partnerships. Companies or LLPs incorporated in Jersey, Guernsey and the Isle of Man for example are all non-UK entitles, so are subject to the Act. 

Companies House launched the register on the 1 August however, the land registration elements of the Act will not come into force until 5 September 2022 which is said to be allowing enough time for companies engaged in a relevant land transaction to comply with the requirement to register with Companies House and obtain an Overseas Entity ID number before making an application to the Land Registry. 

Overseas entities who want to buy, sell or transfer property or land in the UK 

Must register with Companies House to declare who their registrable beneficial owners or managing officers are and keep this information up to date. 

Overseas entities who already own or lease land or property in the UK 

Will also need to register with Companies House and tell us who their registrable beneficial owners or managing officers are by 31 January 2023 (and keep this information up-to-date). This applies to overseas entities who bought property or land on or after:

  • 1 January 1999 in England and Wales 
  • 8 December 2014 in Scotland
Register of Overseas Entities - news article image

Author:

Darshil Shah

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