Register of Overseas Entities launched by Companies House.
The Economic Crime (Transparency & Enforcement) Act 2022 requires overseas entities that own or acquire property in the UK to register with Companies House.
The UK Government announced on 01 August that the Register of Overseas Entities (ROE) is now live. The register will be delivered by Companies House.
The land registration elements of the Act will come into force on 5 September 2022. This will allow time for those currently engaged in a relevant land transaction to comply with any requirement to register with Companies House and where required, obtain an Overseas Entity ID number before making an application to the relevant land registry.
If you are an overseas entity that owns or intends to purchase property you should start planning for these requirements now.
Visit the Companies House section of the UK Government website to access the register as well as guidance on its scope and how to apply.
To support the introduction of ROE, Registers of Scotland will introduce new questions on the land register application form that will assist parties transacting with property in meeting any additional duties they have arising from the scheme.
Find out more about how it will impact on land registration in Scotland in our blog.