Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what assessment her Department has made of the prevalence of the use of nominee trust arrangements in the Register of Overseas Entities to avoid transparency declaration rules.
Overseas entities are not required to declare nominees to Companies House. This is because if a beneficial owner is a nominee, the overseas entity in most circumstances is still required to provide information about the real beneficial owner, i.e., the person behind the nominee.
Companies House keeps the information provided to the Register of Overseas Entities under review to ensure that it is accurate, and that overseas entities have met their legal obligations. The Registrar investigates where there is suspicion about the information provided to Companies House, and appropriate action will be taken if an overseas entity is found to have failed to provide accurate information.