On 1 August 2022, Companies House introduced the Register of Overseas Entities to aid transparency with ownership of UK land or properties by overseas entities. Companies House have now announced that the annual update statements can be filed from August 2023.
What is an update statement?
An update statement allows overseas entities to confirm that the information held on the entity and its beneficial owners or managing officers is correct and up to date. Any information that has changed should be updated and verified by a UK regulated agent no more than 3 months before the update is made. You may be required to re-enter home addresses for individual beneficial owners and managing officers.
When do you need to file the update statement?
When your overseas entity is successfully registered, your statement filing date will be one year minus a day from the date of registration. The update statement must be filed within 14 days of the statement date and can be filed more than once in a year if required, but each filing can only cover a 12-month period.
Example:
If your entity is registered on the 1st of July 2023, your annual statement date will be 30th June 2024, and due by 14th July 2024.
Unsure of your registration date? Use the Companies House search to find your entity’s annual statement date.
To file the update statement, you will need an authentication code. You can request this unique 6-character code by searching for the overseas entity on Companies House and select ‘Request an authentication code’.
Also Read: Personal Liability for Directors
Who can use this service?
Anyone that works at, or on behalf of, the overseas entity can use this service. Companies House have advised that this service cannot be used if either of the following apply and, in these cases, further guidance should be sought from them directly:
- There are any trusts involved in the overseas entity.
- Any of the beneficial owners or managing officers have their personal information protected at Companies House (or are waiting for the results of an application).
What if an update is not filed?
It is a legal requirement to file an annual update statement, even if nothing has changed. Failing to do this may result in prosecution or a financial penalty. The overseas entity ID will also be invalid until a statement is filed, restricting the entity from buying, selling, transferring, leasing, or charging your property or land in the UK. The entity’s public record will also show that the update statement has not been filed.
How can 1st Choice Incorporations help?
As a Companies House UK-regulated agent, 1st Choice Incorporations can assist you with filing an update statement and conducting verification checks. Feel free to reach out to our friendly team for a quote.
If you have not yet registered your overseas entity, contact us today to begin the registration process. Additionally, find out more about the Register of Overseas Entities on our blog here.
