Companies House has issued an article reviewing the development of the Register of Overseas Entities after its launch on 1 August 2022.
The Register forms a fundamental element of the government’s plan to fix global economic crime and requires overseas entities that own property or land in the UK to declare their beneficial owners or managing officers. Over 28,000 entities have been registered since its launch and the information on the register has been accessed over 500,000 times. This highlights how the register is meeting the policy aim of expanding transparency particularly on who owns property and land in the UK. The article examines the present developments of the Register of Overseas entities and prepares information on the steps to filling update statements and issuing monetary penalties to those who have not registered.
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