The six-month transition period under the Economic Crime (Transparency and Enforcement) Act 2022 comes to an end on Tuesday 31 January 2023.
Any overseas entity that owns land or property in the UK therefore needs to have registered at Companies House on the overseas register by that date. A failure to comply has both financial and criminal penalties for both the overseas entity and the directors/shareholders of the overseas entity. The overseas entity will also be subject to restrictions in dealing with the land or property until the registration has been completed.
Whilst Reed Smith does not offer registration services, we would be happy to provide details of corporate secretariat companies who will be able to assist with the registration process.
Newsflash 2023-019