The Register Of Overseas Entities Deadline Is 31st January 2023
On 1st August 2022, the Register of Overseas Entities came into force via the new Economic Crime (Transparency and Enforcement) Act 2022 (‘ECTEA 2022’).
The register directly impacts anyone using offshore entities to hold UK land or property, including those in Jersey, Guernsey, Luxembourg and other commonly used jurisdictions. Each of these entities will need to register with Companies House to obtain an Overseas Entity ID (‘OE ID’), with the deadline for registration falling on 31st January 2023.
For more information on the practical implications and requirements, please see our ECTEA 2022 Client Briefing. Most notably, however, anyone not complying with the registration requirements by the 31st January deadline can face criminal sanctions, including fines of up to £2,500 per day as well as a prison sentence of up to 5 years. In addition, the overseas entity will be restricted from buying or disposing of the land or property.
Langham Hall was one of the first to register as a verification agent and we provide a full service covering the independent verification process, the overseas entity registration and the annual update. We have seen high demand for this service and expect demand to increase as we get closer to the deadline.
Langham Hall is an award-winning global provider of fund administration and AIFMD services to top tier fund managers. To hear more about how we can help, please do get in touch with a member of our team.