Register of Overseas Entities - What to Expect - Webinar

Introduction

The Economic Crime (Transparency and Enforcement) Bill was published on 1 March 2022 and had its first reading in the House of Commons. It received Royal Assent on 15 March 2022.

The Economic Crime (Transparency and Enforcement) Act introduces the creation of a register for beneficial owners of overseas entities that own UK property by Companies House.

As soon as the register goes live, there will be implications for overseas entities which include the fact an overseas entity may not apply to be registered as the proprietor of a freehold estate in land (or leasehold granted for more than 7 years) nor register sales of such estates unless they are registered overseas entities. It will also be a criminal offence for both the entity and any officers to fail to comply (which can result in fines and or imprisonment).

If you are advising any overseas entities (or beneficial owners of such overseas entities) who are buying, selling or who own property in the UK or who are bidding for public contracts, then this update webinar is for you.

What You Will Learn

This webinar will cover the following:

• The thinking behind the new legislation
• The restrictions that the new legislation will implement
• The conditions for registration
• The updating duty (including details or each person who became or ceased to be a registrable beneficial owner)
• The ability for the Secretary of State to make regulations to require the verification of information supplied
• The transitional arrangements for overseas companies already owning UK property
• Contents of the register
• Consequences of non-compliance

This webinar was recorded on 19th July 2022