Register of Overseas Entities 2024 fee increases

With just over a month to go before Companies House increases its filing fees for the Register of Overseas Entities (ROE), corporate services Director Joshua Gallienne outlines the changes and considers what action may need to be taken.

The ROE has been in effect for just over a year and a half, having been fast-tracked in response to the Russian invasion of Ukraine. Following its enactment, overseas entities wanting to buy, sell or transfer property or land in the UK must register with Companies House and declare who the beneficial owners (or managing officers) are before doing so. Our article from June 2022 summarises the history of the Act and its impact on clients.

On 19 February this year, Companies House announced that fee rises would be coming into effect on 1 May 2024, as outlined below:

Companies House noted that as part of their annual review, fees are to be set on a cost recovery basis, adding: ‘this means our fees must cover the cost of the services we deliver’. Adjustments also affect its wider services with increases to company incorporation and registration fees, and set-up fees for both limited liability partnerships and limited partnerships.

With the fee increases ranging from 76% for an application for removal to 134% for an initial registration, we encourage clients to consider whether they can expedite filings before the increases take effect on 1 May 2024. 

To find out more about these changes and to discuss support with your filings, please contact Joshua. 

Please note that this article is intended to provide a general overview of the matters to which it relates. It is not intended as professional advice and should not be relied upon as such. Any engagement in respect of our professional services is subject to our standard terms and conditions of business and the provision of all necessary due diligence. © Praxis 2024