Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what the value of fines (a) issued and (b) paid for non compliance with the requirements of the Register of of Overseas Entities was as of 4 September 2023; and how many fines were (i) issued and (ii) paid as of 4 September 2023.

Before imposing a penalty, a warning notice must be issued. Over 1,200 notices have so far been issued. As of 4 September 2023, fourteen penalties have been issued for non-compliance with a value of circa £490,000, zero have been paid. A further five penalties were issued 6 September bringing the total value to £660,000.

Once the warning is issued, Companies House must allow 28 days for representation and factor in time to mitigate delays in the international postal system. Only after that point will Companies House issue the penalty. During these stages, compliance by the entity will cease the case. To date, forty warned entities have complied, meaning that no financial penalty will be imposed.