Companies House has just updated its guidance on how it will use various enforcement powers in relation to the Register of Overseas Entities.
The date of 1st August 2023 will mark the first anniversary of the UK Register of Overseas Entities (the main aim of which is to capture information about beneficial ownership of overseas entities that own UK land).
The Economic Crime (Transparency and Enforcement) Act 2022 (the Act) sets out that an overseas entity that owns land in the scope of the Act, or is proposing to own land in the UK, must register with the Registrar of Companies for England and Wales (Companies House).
If registration does not take place, Companies House will initially adopt a help and support approach. If this does not work, then other remedies will include property restrictions, civil penalties and potential prosecution.
For most recent information and updated guidance see: https://www.gov.uk/government/publications/register-of-overseas-entities-approach-to-enforcement/register-of-overseas-entities-approach-to-enforcement
If you need any further information or legal advice, including conveyancing of a property in England, contact our designated UKRE team Anna Douglass, Alastair Hargreaves, Caren Vidamour and Naledi Odiseng who will be delighted to assist.