Concise Accountancy

Accountants and Registered Auditors

Overseas Entities

Overseas companies to register with Companies House

Overseas companies must register with Companies House to get a Unique Overseas Entity ID if they want to buy, sell or transfer UK land or property. This new law came into effect on 1 August 2022.

Overseas companies refer to here as any legal entity, such as a company or other organization, that has a legal personality and is governed by the law of a country or territory outside the UK. Your records will be placed on the Register of Overseas Entities.

For example, the Republic of Ireland is an overseas jurisdiction for the Register of Overseas Entities.

Unique Overseas Entity ID

Companies House will issue a Unique Overseas Entity ID to your Overseas companies. You must give this ID to the Land Registry when you buy, sell, transfer, lease, or charge UK property or land. The Unique Overseas Entity ID is like a must-have pass to transact UK property and land.

The purpose of this ID is to create transparency and allows the UK Government agency to investigate suspicious wealth more effectively.

Failed to register with Companies House

If your overseas companies failed to register with Companies House, you could be fined up to £2,500 per day. Take note that the fine is PER DAY. In addition, you can also be sent to jail for up to 5 years.

Consequently, you will also be restricted when you buy, sell, transfer, lease or charge UK land and property. Hence, it is best to comply. For this reason, do get your Unique Overseas Entity ID as soon as possible.

The new law governing imposing this requirement is the Economic Crime (Transparency and Enforcement) Act 2022.

Registration deadlines

Generally, your overseas companies must follow the registration deadlines below. It is very important to act promptly to avoid fines and imprisonment.

You must Register with Companies HouseDeadline
Your overseas companies already own or lease UK land or property31 January 2023
Your overseas companies bought UK property or land on or after:
– in England and Wales1 January 1999
– in Scotland8 December 2014
– in Northern Ireland1 August 2022
your overseas companies disposed of UK property or land after 28 February 2022

Take note that The Register of Overseas Entities is not the same as The Register where your confirmation statement and company accounts are published.

Feel free to contact our accountants if you require help registering with Companies House.

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