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The UK Government has announced that the Register of Overseas Entities (part of the Economic Crime Act) will go live on the Companies House website on 1 August 2022. From this date, property owners will have six months to comply with the new rules. Failure to comply will result in a daily fine of £2,500, or a prison sentence of up to five years for the most serious contraventions.
The register requires non-UK entities owning UK property to register their identities. Under the Act, a non-UK entity is defined as any entity that is a legal person under the law by which it is governed and will include companies, foundations, some partnerships, and nominee arrangements but will not apply to trusts.
The register aims to ensure that criminals cannot hide their property ownership behind chains of shell companies. The rules apply to non-UK entities and to any individual who holds more than 25% of the shares or voting rights in the entity. The register will capture property bought up to 20 years ago in England and Wales, and since December 2014 in Scotland.
Non-UK entities must provide their registration details, addresses, and contact details to Companies House otherwise they will not be able purchase, sell or transfer UK land. Individuals must provide details including their name, date of birth, nationality, and address.
Companies House will soon be writing to the companies within the scope of the legislation. All non-UK legal entities owning UK property should act now to ensure they do not open themselves up to daily fines and, potentially, imprisonment.
Sanctuary can provide advice in determining your obligations under the Economic Crime Act, including any administrative or filing requirements.
Given the ever-increasing legislation surrounding UK land, now may be a good time to consider whether it is appropriate to continue holding property within the current structure. Our experienced advisors can also provide support in this respect. For any further information, please contact us using the details below.
For UK businesses considering opportunities in Saudi Arabia, the following steps outline the overall process:
1. Business Activity: Determine the appropriate business activity which will aligns with your business and satisfies all undertakings you will engage with in the Kingdom.
2. Local Partnerships: Consider any potential opportunities for collaborations with established local businesses to ease market entry and meet regulatory requirements.
3. Documentation: Gather the required documentation for incorporation in KSA.
4. Company Registration: Work with experts and the relevant governing bodies to assist with the incorporation process, ensuring compliance with local laws and regulations.
5. Other Requirements: Consider any other requirements for establishing in Saudi Arabia such as capital and tax requirements.
Saudi Arabia's Vision 2030 represents a significant opportunity for UK businesses to engage with an expanding market with vast potential. As the Kingdom continues to diversify its economy and expand its global influence, UK companies are well-positioned to support and benefit from this transformation. With the right strategy, partnerships, and local support, there are a wealth of possibilities.
By aligning your business with Saudi Arabia’s Vision 2030, the benefits for UK and international businesses looking to Saudi Arabia have never been greater.
At Sanctuary, we specialise in assisting businesses looking to expand into Saudi Arabia. We help navigate the complexities of the Saudi market, ensuring that you have the expertise needed to best prepare for success, so get in touch today.
Our expert team offers comprehensive support across a range of services, from company registration, advisory services, and more. Explore our services to discover how we can help you.
Vision 2030 is a strategic framework designed to diversify Saudi Arabia’s economy, reduce its dependency on oil, and transform the Kingdom into a global business hub.
Key points include economic diversification, social reforms, investment in technology and infrastructure, sustainability, and creating a competitive workforce.
The main focus of the Saudi Arabian Vision 2030 strategy is to build on key economic sectors such as hospitality, travel and tourism and build economic stability and sustainability.
Saudi Arabia’s Vision 2030 initiative is aimed at diversifying its economy through strategic investments into the non-oil sector and ensuring a more sustainable economic future.
Saudi Arabia has committed over $500 billion to Vision 2030, funding projects that span a variety of sectors, including energy, tourism, and infrastructure.
Yes, with its growing economy, reform initiatives, and investment incentives, Saudi Arabia is a highly attractive destination for foreign businesses seeking growth opportunities.
Key growing industries include renewable energy, tourism, healthcare, technology, and education.
Saudi Arabia permits foreign owned businesses and investment into the Kingdom, which has been elevated by the Vision 2030 initiative. A MISA licence is required for foreign investors or businesses to establish.
As a result of the diversification efforts of Saudi Vision 2030, the non-oil and private sector in the Kingdom have witnessed unprecedented growth in the past few years. The private sector continues to grow each quarter and the non-oil sectors continue to reach record contributions for the Kingdom’s GDP.
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