The UK Government Companies House has announced the launch of the new Register of Overseas Entities on 1 August 2022. As previously reported, the creation of the register was provided for by the Economic Crime (Transparency and Enforcement) Act 2022, requiring the declaration of beneficial owners of foreign companies that own UK property. Failing to comply with the Act may result in fines of up to GBP 2,500 per day or up to 5 years in prison.
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The new Register of Overseas Entities is l…