New Register of Overseas Entities Act for UK rental property companies

New Register of Overseas Entities Act for UK rental property companies

13:53 PM, 26th October 2022, About A year ago 1

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The above act comes into force on the 31st January 2023. Before that date, all entities including Companies and Trusts, must register with the UK government the details of all Shareholders and Officers involved in running the overseas entity. There are severe penalties for failure to register by the stated date.

The government has as usual implemented a new layer of potentially bureaucratic procedures including requiring applicants for the register to include a government appointed agent to verify all details submitted by the entity. Solicitors, accountants etc. can apply on the government website to become an agent, and after approval and granting of a specific agent number, the agent can feel free to charge any sum they wish for a procedure which in most cases can be carried out by a junior clerk in that organisation.

Having set up yet another layer of expensive government bureaucratic, there seems to be no way of comparing charges from the so-called registered agents, leaving overseas entities at the financial mercy yet again of the system.

Has anyone any recommendations for a Government Agency registered Agent who charges a reasonable fee?

My company details are straightforward and could be completed in a few hours at most, but without a verification agent number I am unable to proceed.

Graham


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Comments

Rob Moore

15:00 PM, 27th October 2022, About A year ago

It needs to be expensive and bureaucratic to own UK property under an overseas organisation because that sort of setup has caused billions of pounds worth of evaded tax. The people of this country are entitled to know exactly who owns and benefits from rents and capital gains from UK land and those using offshore companies and accounts to avoid scrutiny must now pay a price for their secrecy. If you do not agree with this approach then you could perhaps transfer your property to a UK company and then you need not have this problem. I suggest to you that anyone who has gone to the lengths of setting up offshore companies to own property is perfectly able to source an accountant to validate their officer's details

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