Since the introduction of the Register of Overseas Entities, it is a requirement that entities that own land, or that wish to own land in the UK register with Companies House.
With enhanced transparency, compliance, and accountability at the heart of the move, the UK Government's introduced the register as a major part of the strategy to prevent UK property being used as an instrument for economic crime.
Without proper registration and verification, an overseas entity or its officer may be liable to a fine, imprisonment or both. In addition, non-compliance would restrict what an overseas entity can do with their property.
To avoid this, it is important that registration and verification are completed accurately and in a timely fashion and in some circumstances proper advice is sought.
Identifying foreign limited partners as beneficial owners.
Removing inaccurate information from the register.
The registration of otherwise prohibited land transactions.
Protecting information relating to an individual.
Disclosing protected information to public authorities.
It is important to note that overseas entities have a continued responsibility to make annual filings to Companies House to confirm whether there have been changes to the details of the beneficial owners.