Register of Overseas Entities Service

Yes we do. Overseas entities that are affected by the rules are registered in 213 countries (Land registry, as at August 2022). Although around 70% of entities are registered in British Virgin Islands (BVI), Jersey, Guernsey and Isle of Man. We cover all jurisdictions whether they have a public register or not, with the exception of countries that appear on the UK sanctions list. We assume that where the overseas entity is registered in a jurisdiction without a public registry, the corporate service provider in that jurisdiction will certify all relevant details, including the ownership structure.

Yes, we can complete the final stage and register with Companies House to obtain the Overseas Entities ID. In keeping with guidance from Companies House this is our default approach. Companies House has outlined that it is quicker and easier for the UK-regulated agent to complete the registration. In rare situations, if the overseas entity had a valid reason to wish to register directly, we would charge a premium for this because there would be more work and risk involved.

Yes, some firms are only offering registration and verification to their existing overseas clients where there is a pre-existing relationship. As a corporate services provider, we can offer this service to both existing clients and all other affected overseas entities.

We have fixed fee pricing for most of our Register of Overseas Services with the exception of the verification of trusts or advising on identifying beneficial owners. Our fees are the same for new and existing clients. As a specialist corporate service provider with established processes for carrying identity checks and filing with Companies House we can offer clients a fully managed register of overseas entities service at rates that are usually much more competitive than law firms and other professional advisors.

Yes we do and we are agnostic as to whether we are engaged by the law firm or the overseas entity. It would typically work in one of two ways:

• Transaction – if the requirements were triggered by a new property transaction we would often work directly with the law firm or advisor. Fees would be charged to the client as a disbursement.
• Ongoing – for annual renewal or registrations without a transaction the firm would introduce the client to us and we would work directly with the client.

Where an advisor wanted to carry out the first stage of identifying the beneficial owners but needed our help as a UK regulated agent to carry out verification, we can do this but would always encourage them to speak to us early in the process.

Primary liability for the ROE is under s32 ECTEA. In our view an advisor would only be liable if they had, without reasonable excuse, ‘caused to be delivered to the registrar any document that is misleading, false or deceptive in a material particular’. As long as the advisor was not deceptive, then part of any reasonable excuse would be that Elemental was verifying the information.