UK Register of Overseas Entities and Update Statement

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sumaiyakhatun26
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UK Register of Overseas Entities and Update Statement

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Introduction to the Register of Overseas Entities (ROE)

August 2022 saw the introduction of the Register of Foreign Entities at Companies House, requiring all foreign entities owning properties in the UK to submit an application to the Registrar at Companies House setting out details of their beneficial owners unless they were exempt.

This relates to all property owned by or after:

1 January 1999 in England and Wales,
8 December 2014 in Scotland; and
1 August 2022 in Northern Ireland
Update statements

All foreign entities must file an update statement annually on the Register of Overseas greece mobile database Entities. The update statement requires the foreign entity to ensure that all information about the foreign entity on the register is still correct and to update anything that has changed.

What are the implications of not filing update statements?

It is important to note that it is a criminal offense for a foreign entity to fail to file an updated statement. The foreign entity ID will become invalid until the record is updated.

Time

According to government guidance , the date of the foreign entity statement is within one year of the date the foreign entity was registered or within one year of the last updated statement.

The foreign entity has 14 days from the “statement date” to file. After this, the filing will be considered late.

So for example, if the original application was registered on 22 September 2022, the first statement date would be 21 September 2023. The updated statement will be filled by 5 October 2023.
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