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Register of Overseas Entities: Progress is being made

Companies House have recently posted two updates regarding the progress of the Register of Overseas Entities. These posts are further to three Statutory Instruments being laid as the secondary legislation to provide the practical measures needed for the Economic Crime Act to come into force.

Some of the headline points noted include: 

  • the Register is set to launch this summer. Remember there will be a 6 month transition period (from the date the register is live) for those overseas entities that need to register to do so.
  • The information filed will be on public record on the Companies House online register
  • Before an overseas entity registers its beneficial owners or managing officers on the new Register of Overseas Entities, a UK-based Money Laundering supervised agent will need to verify the required information about them. Firms of accountants, banks, legal professionals and estate agents will be considered supervised agents.
  • The name of the individual who verifies the required information about the beneficial owner, as well as the name of their firm, will also be on the public register.
  • It is suggested that affected entities get ready and start gathering the information needed to register
  • Once the register is live, any overseas entity that purchases UK land or property will need to register with Companies House before applying to register the purchase with the Land Registry.

The Companies House posts can be found here: 

https://bit.ly/3OTAQzZ and https://bit.ly/3yA77Xs

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