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The U.K. government has in 2021 introduced the world’s first public Register of Beneficial Owners of Overseas Companies and Legal Entities bodies that own UK property or participate in UK government procurement.
The register is to be administered by Companies House and will adopt the same definition of ownership control that governs inclusion in the register of persons with significant control (PSCs) over UK companies i.e. individuals who:
1. hold more than 25% of the shares or voting rights of the company; 2. have the right to appoint a majority of directors of the company or have the right to exercise or actually exercise significant influence or control over the company, trust or other legal entity.
To ensure compliance, the government introduced a system of statutory restrictions backed up with criminal offences. Overseas entities will be unable to buy or sell property in the UK unless they have provided information in respect of their beneficial owners for the new register. Legal title is withheld to overseas legal entities that do not have a valid registration number at completion. Preferred suppliers are required to produce beneficial ownership information as a condition of being awarded a contract.
The U.K. government said that trusts would not be included in the register because publishing the details of who owns and benefits from trusts would “not be proportionate and effective especially as disclosure would undermine family confidentiality”. HMRC set up a register of trust ownership in 2017, but this register is accessible by tax and law enforcement authorities only.
Need Assistance INTERSHORES team can assist you to set up a UK company to facilitate your business needs. Please do not hesitate to contact INTRESHORES at info@intershores.hk or by whatsapp at (852) 6499 4686.
Whatsapp : (852) 6499 4686 Phone : (852) 2186 6936 Email : info@intershores.hk
Disclaimer: Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice. |
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