The deadline for signing up to the Register of Overseas Entities is 31 January 2023.

Overseas entities must declare their beneficial owners and/or managing officers on time to avoid prosecution or civil financial penalties of up to £5,000 for non-compliance.

It has been estimated that there are approximately 95,000 properties in England and Wales owned by 32,000 overseas entities.

‘Overseas entities that fail to register will also find it difficult to sell, lease or raise charges over their land,’ Companies House stressed. 

As the deadline nears, Companies House is urging any overseas entities to make contact directly if they are unable to meet the deadline.