What do I need to know about the Register of Overseas Entities (ROE)?
Part of the wider Economic Crime (Transparency and Enforcement) Act 2022, the ROE necessitates overseas entities that own UK land purchased since January 1999 to declare their beneficial owners or managing officers.
The fact that the Act has such a large retrospective reach has major implications for overseas entities.
Any overseas entity that owns the property and falls within the remit of the ROE must register with Companies House
This initiative is part of a wider Government strategy to combat economic crime. At the same time, it ensures that legitimate businesses will continue to view the UK as a great place to invest.
Who needs to register?
In general terms, you need to disclose if you are a beneficial owner who:
- Holds more than 25 per cent of the shares and/or voting rights
- Holds the right to appoint and/or remove the majority of the board
- Has the right to exercise significant influence and/or control over the entity
What information needs to be provided?
The Act specifies that the Overseas Entity must provide the following information when applying for registration:
- Name
- Country of Incorporation
- Service Address
There is also a requirement for more specific information regarding each registerable beneficial owner, including:
- Their name, date of birth, and nationality
- Their usual residential address (this will not be made public knowledge)
- An address for service
If the beneficial owner of the entity is also a trustee, Companies House will also need information about the trust. This information will not be made public.
If you or your clients could be affected by the Register of Overseas Entities, please get in touch with our expert team.