The government is urging all overseas entities who own property in the UK to register at Companies House.
The Register of Overseas Entities came into force in August this year and requires all entities in scope to register with Companies House before the deadline of January 31 2023. The registration process involved them declaring the beneficial owners and/or managing officers for properties in this country.
As the deadline nears, Companies House is urging overseas entities and agents to register in good time and avoid some common pitfalls.
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To make sure registrations are processed quickly, Companies House is recommending that agents work with their clients to make sure all the information is correct before their registration is submitted , to file as early as possible before the deadline of January 31, and for agents to file on behalf of their clients – it’s likely to be easier and quicker for them than for the clients.
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Overseas entities must register on time to avoid prosecution or civil financial penalties. Overseas entities that fail to register will also find it difficult to sell, lease or raise charges over their land.
Rachael Watts, Head of Register of Overseas Entities at Companies House, says: “We have seen a significant number of filings rejected with most of these due to errors in the agent information section. Common errors include the registry name being abbreviated or incorrect, and inconsistencies in the agent’s name, overall person with responsibility, address, and email address.
“By minimising these errors and registering in good time, overseas entities and agents can avoid running into issues later on.”
By Graham Norwood
Source: Letting Agent Today