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In the evolving landscape of UK corporate regulation, the Register of Overseas Entities (ROE) remains a critical tool in ensuring transparency in property ownership by foreign entities. Introduced under the Economic Crime (Transparency and Enforcement) Act 2022, the ROE mandates that overseas entities owning or intending to acquire property in the UK register their beneficial ownership details with Companies House. As of August 2023, the focus has shifted towards ensuring that these entities remain compliant with their ongoing obligations, particularly the annual update statement.
From August 2023, all registered overseas entities are required to submit an annual update statement to Companies House. This update is crucial for maintaining the accuracy of the information held on the Register of Overseas Entities. The statement must confirm whether the details about the entity’s beneficial owners or managing officers remain unchanged or report any modifications that have occurred during the year.
The timeline for filing this update is strict. Entities must submit their statement within 12 months of their initial registration or their last update statement. A 14-day grace period is provided, but failure to meet this deadline can lead to severe consequences. These include criminal prosecution, financial penalties, and the suspension of the entity’s ability to engage in property transactions in the UK.
Filing the annual update is not just a formality; it requires meticulous preparation. If there have been changes in the entity’s beneficial owners or managing officers, these must be verified by a UK-regulated agent before submission. Even in the absence of changes, the entity must confirm that all information on record is accurate.
Moreover, any involvement of trusts adds a layer of complexity, necessitating additional documentation and potentially a paper filing process. As such, the importance of engaging a reliable UK-regulated agent cannot be overstated.
At Accace, we understand the complexities and legal intricacies involved in maintaining compliance with the Register of Overseas Entities. As a UK-regulated agent, we are fully equipped to assist with every aspect of this process—from verifying changes to beneficial ownership to ensuring timely submission of your annual update statement.
Our services include:
With the filing fees adjusted as of 2024 and ongoing legal developments, it’s more important than ever to have a trusted partner like Accace UK on your side. We ensure that your overseas entity remains compliant, allowing you to focus on your core business operations.
For more information on how Accace UK can support your ROE compliance needs, please contact us today.
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About Accace Adept UK
We are a joint venture between Accace and Adept Advisory, established to pursue a long-term strategy of providing innovative Business Process Outsourcing (BPO) and advisory services to clients in the United Kingdom and South Africa. We joined forces to augment each other’s valuable insight, knowhow and practices, whilst combining our experience in complementary fields of expertise.
About Accace Circle
Accace Adept operates internationally as Accace Circle, a co-created business community of like-minded BPO providers and advisors who deliver outstanding services with elevated customer experience and erase the borders of service delivery. Covering over 50 jurisdictions with nearly 2,500 professionals, we support more than 15,000 customers, mostly mid-size and international Fortune 500 companies from various sectors, and process at least 200,000 pay slips globally.
