Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the level of compliance with the Register of Overseas Entities; and what compliance action will be taken with firms who do not meet the deadline.

In July 2022, an estimated 32,000 overseas entities were required to register. At the end of 31 January 2023, 19,665 had registered with Companies House and more than 5,000 applications were received but not yet processed.

Where there is continued non-compliance these entities can be liable for criminal offences and financial penalties and will find it difficult to sell, lease or raise charges over their land until they are compliant. Companies House will accept applications received after the deadline to achieve greater transparency

Companies House will work with partners, including land registries and law enforcement, to prepare cases for enforcement.