Updated Legislation

INTERSHORES|The New Register Of Overseas Entities Legislation Is Now Live In The UK

 

In our preview e-news "https://www.intershores.hk/en/UKCo/2", it mentioned that the United Kingdom ("UK") Government has introduced legislation which increases the transparency of overseas entities, which own land or property in the UK.

 

The Register of Overseas Entities (“the Register”) came into force on 1 August 2022, with a 6-month transitional period (until 31 January 2023) for all relevant entities to comply with the new registration requirements.   In this e-news, we share an overview of the latest registration requirements.

 

What Is Happening?

In March 2022, the UK Government passed the Economic Crime (Transparency and Enforcement) Act 2022 (“the Act”) which creates the Register of Overseas Entities (“the Register”).  It means that all in-scope overseas entities, which own UK land or property, are required to collect, verify and register information about the ultimate beneficial owners or managing officers of the overseas entities within the 6-month transitional period ending on 31 January 2023.  The information in the Register is required to be updated annually.

 

For any in-scope overseas entities that fail to comply with this obligation, severe sanctions may be incurred.

 

What Actions Should You Take?

All non-UK legal entities owning UK land are recommended to undertake a review to determine whether they are in scope of the Act.

 

Overseas entities in scope must (1) identify their registrable beneficial owners and (2) provide the required information to the Register. However, before the information can be filed on the Register, it must be independently verified.

 

It is important to note that the verification must be completed by an independent UK-regulated agent, that is required to be based in the UK and supervised under the UK Money Laundering, Terrorist Financing and Transfer of Funds Regulation 2017.

  

To comply with the new legislation, make sure you should: 

1.   Identify and verify the required beneficial owner information for the overseas entity

2.   Arrange registration with Companies House in the UK (subsequent to successful verification)

3.   Get UK Legal advice, where required, and/or in complex cases

4.   Arrange annual filing and updates in subsequent years



Contact us

If you have any questions in relation to the annual compliance of a Hong Kong company, please do not hesitate to contact us:

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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