Foreign Property Investors must be Registered, says the UK Government
Published by Magnate Assets on
Oct 14, 2022
The UK government is urging all overseas entities who own property in the UK to register at Companies House. The Register of Overseas Entities came into force in August this year, requiring all entities in scope to register with Companies House before the deadline of 31 January 2023. The registration process involves them declaring the beneficial owners and/or managing officers for properties in this country. As the deadline nears, Companies House is urging overseas entities and agents to register in good time and avoid some common pitfalls.
To ensure that registrations are processed quickly, Companies House is recommending that agents work with their clients to ensure that all information is correct for submission as soon as possible, ideally even before 31 January. They also recommend that agents file on behalf of their clients as this is likely to be easier and quicker.
Overseas entities must register on time to avoid prosecution or civil financial penalties. Those who fail to register will also find it difficult to sell, lease or raise charges over their land.
Rachael Watts, Head of Register of Overseas Entities at Companies House, says: “We have seen a significant number of filings rejected with most of these due to errors in the agent information section. Common errors include the registry name being abbreviated or incorrect, and inconsistencies in the agent’s name, overall person with responsibility, address, and email address.
By minimising these errors and registering in good time, overseas entities and agents can avoid running into issues later on.”