The Register of Overseas Entities (ROE) was introduced over a year ago to boost the UK’s commitment to transparency and accountability. This database was designed to combat illicit financial activities and money laundering by requiring overseas entities to register.
The ROE at a Glance
The ROE mandates that overseas entities owning or investing in UK property disclose crucial information, including details about beneficial owners and managing officers. This transparency helps authorities track the true ownership of properties and identify potential money laundering or fraud. Recent data from Companies House reveals that more than 28,000 overseas entities are currently registered on the ROE.
Filing Annual Update Statements
One of the central obligations for overseas entities registered on the ROE is the filing of an Annual Update Statement. This statement serves to verify and maintain the accuracy of information held by Companies House. The first Update Statement must be submitted within one year and 14 days of the entity’s initial registration on the ROE.
The Consequences of Non-Compliance
Failure to file the required Update Statement is a criminal offence, subjecting overseas entities and their managing officers to potential prosecution and financial penalties. Moreover, if an entity misses its filing deadline, its Overseas Entity ID becomes invalid, rendering it unable to engage in property transactions within the UK until compliance is reinstated.
How Rooks Rider Solicitors Can Help?
Navigating the complexities of the ROE and ensuring compliance with its obligations can be a challenging task. If you or your clients are uncertain about the steps to take, Rooks Rider Solicitors is here to help. We are available as a supervised agent to carry out verification checks on all beneficial owners and managing officers for any relevant overseas entities that still need to be registered. We can also assist in filing annual updates with Companies House.
For personalised advice and assistance on this matter or any other Wealth Planning issue, please do not hesitate to get in touch with Robert Drysdale, Karen Methold, Chris Cooke, James John, or another member of our dedicated Wealth Planning team.