Our team at Elena Meskhi & Co. has received a rather large sum of inquiries regarding business owners’ compliance with the somewhat new, Register of Overseas Entities (RoOE) Regulations. Here’s one more area where business owners must be careful and ensure that they are compliant with the latest guidelines.
The Register of Overseas Entity Regulations was first announced on 1 August 2022. The announcement indicated that any overseas entity that wanted to purchase, sell, or even transfer ownership of a property they own in the UK would need to register with the Companies House. The purpose of this registration is to inform the Companies House who is the registrable beneficial owners and managing officers.
If you meet the requirements for registering and have not registered by the deadline of 31 January 2023, you will be penalised. The penalties may range from paying a fine to up to 2 years imprisonment; in some extreme cases, the imprisonment may reach up to 5 years! Thats’s because failing to register means failure to let the Companies House know who the beneficiary of the entity is (are), hence, is considered a criminal offence.
If you are curious as to how an accountant can help you become compliant with the RoOE Regulations, it’s pretty simple. We will gather all the information and documents needed for the application process. Although the initial phase might seem filled with paperwork, don’t worry because we will handle all of it! We would just request the essential documents that would support your application.
You are probably wondering how long that will take. We are always keen on providing our clients with multiple options so that they are comfortable with selecting the services that work best for them. Hence, we created a 3-4 day service to complete the application and same-day service for clients who are in a rush to complete the application much faster.
Elena Meskhi & Co’s team is made up of certified accountants and tax advisors who have a collective experience of 150 years! Additionally, Elena Meskhi & Co is a fully regulated UK-Agent. The team goes the extra mile to ensure a wholly compliant service by carrying out verification checks on the owners/beneficiaries of the overseas entity before registering with the Companies House.
If you wish to proceed, kindly book a discovery call with us using this link.
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Alternatively, to have a quick chat about this service, you can do that on What’s App: +447939809809. Or call us on +44 (0) 7939 809 809 / +44 (0) 20 8146 2964.