Impact of UK Economic Law on Companies holding UK property

The UK recently passed legislation creating a UK Register of Overseas Entities. The launch date for the register will be confirmed shortly. This will impact BVI companies holding UK property and will apply retrospectively for 20 years for holdings in England and Wales and since December 2014 for Scotland.

The legislation places the responsibility for compliance with the requirement for registration with the UK’s Companies House when a foreign company owns land/real property in the UK. This new register will require overseas entities that own UK property to declare their beneficial owner(s) or managing officer(s).

Owners are defined as persons who own more than 25% of the shares or voting rights, have the right to appoint or remove directors or otherwise exert significant control over the company. Those who hold property in the UK in a trust will be brought into scope.

Overseas entities will not be able to buy, sell, transfer or lease property, or create a charge against the property in the UK unless they have registered with the UK’s Companies House.

While details relating to the registration are still to be provided, non-compliance with the registration requirements will be an offence in the UK punishable by daily default fines of £500 and up to five years imprisonment on conviction on indictment.

Portcullis strongly recommends that you contact your advisor in the UK to ensure registration once the launch date is confirmed.

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PORTCULLIS GROUP
www.portcullis.co

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英國經濟法將衝擊持有英國財產資產的公司

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英國最近通過一項規定英國海外實體必須註冊的新法。註冊何時開始，近期即將確定。本法將衝擊持有英國財產的維京群島公司，且對於在英格蘭與威爾斯持有者可追溯適用20年，對於在蘇格蘭持有者則自2014年12月起追溯適用。

本法的規定，是對於在英國擁有土地/不動產的外國公司，加諸向英國公司註冊處註冊的責任。本項新註冊規定，將要求擁有英國財產的海外實體，必須宣告其最終受益人或主管人員。

最終受益人是指擁有超過25%股份或表決權、有權指派或解雇董事、或以其他方式對公司行使重大控制權的人。在英國持有信託財產的人亦屬本法適用範圍內。

海外實體除非已向英國公司註冊處註冊，否則不得買賣、移轉或租賃英國財產或對英國財產進行抵押。

保得利將繼續關注情勢發展，並對本項註冊規定適時提出建言。

在英國，未遵守本項註冊規定即屬犯罪行為，可被處以違法罰款每日英鎊500元，且若遭起訴判刑定罪者，最高達五年徒刑。

保得利强烈建議經確認公佈日期後，聯繫您的英國顧問以確保註冊規定。

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保得利集團
www.portcullis.co