What kind of Overseas Entities need to register in the UK ?
On August 1, 2022, the UK enacted the Economic Crime (Transparency and Enforcement) Act 2022, which requires foreign entities to register with Companies House and verify the identities of their directors and beneficiaries.
UK property market has attracted many foreign investors as the return on investment is long to be lucrative. It may be a new law you should be concerned of. If your overseas entity holds UK property, you need to pay attention to these.
The enactment of the ECCT and the new change of Company law, rules and implementation updated latest as of July 2024 is new and a bit complex, yet the rules are clear and closely followed by us, those follow our social media should know we pay lots of attention to this area since long time ago. Here are the key points to note:
This legislation aims to improve transparency and prevent illicit activity. And also note there are implications behind the laws so knowing the details and how to navigate to keep the best condition, sabing tax instead of paying more, is more important than you think under this new law. Check with expert and do not use your common sense in making mistakes. Stay compliant to avoid penalties!
Need assistance? We can handle this complex process for you and evaluate if you will be needed to register. We handle the registration at reasonable costs. Contact us for support in navigating this new legal landscape.
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