As detailed in the Economic Crime (Transparency and Enforcement) Act 2022 (the "Act") introduces a new register, the Register of Overseas Entities (“ROE”) to keep track of the UK property owned by overseas entities. The register includes the details of overseas entities and registrable beneficial owners.
Consequences Of Not Registering Your GUERNSEY Entity In The Companies House?
- Prison sentence up to 5 years
- Inability to buy, sell or transfer any UK properties
Types of GUERNSEY Entities Required To Register With The Companies House?
The Companies (Guernsey) Law 2008 is the primary law that offers guidance and instructions regarding the administration of limited companies and limited partnerships, as well as foundations, limited liability partnerships, funding submissions.
Under it, it requires companies to maintain a registered office in Guernsey and complete an annual validation filing in January of each year.
- Limited liability company;
- Guarantee company;
- Unlimited liability company;
- Mixed liability company;
- Protected cell company; and
- Incorporated cell company
The Trusts (Guernsey) Law, 2007 provides a legal framework for the establishment and enforcement of trusts in Guernsey, codifies the duties and obligations of trustees and authorizes trustees to manage trust property.
Additionally, it offers flexibility in terms of trust structure and purpose, and allows for disclaimers of beneficial interest.
-Various Types of Trusts in Guernsey:
- Discretionary Trust
- Fixed Interest Trust
- Accumulation and maintenance trust
- Purpose trust
- Settlor reserved powers trust
GUERNSEY Limited Partnerships (LP)
The Limited Partnerships (Guernsey) Law, 1995 is a law that allows for the formation of limited partnerships in Guernsey.A limited partnership consists of one or more general partners who are jointly and severally liable for all of the limited partnership's debts, and at least one limited partner who has no management rights and is not liable for the debts of the partnership beyond their capital contribution
Limited Liability Partnerships (LLP)
The Limited Liability Partnerships (Guernsey) Law, 2013 is a law that permits the conversion of a Guernsey general partnership into an LLP. The law also allows for the carrying on within Guernsey or elsewhere of any lawful business with a view to profit, or any other lawful activity.
Examples of limited liability partnerships in Guernsey include professional advisory firms, certain funds, and those incorporated under the Limited Liability Partnerships (Guernsey) Law 2013.
Types of UK Properties Owned By GUERNSEY Company Fall Under the Scope Of ROE
The types of properties under the scope of ROE is slightly different based on the location of the property:
England & Wales
- Following properties purchased on or after 1 January 1999:
- Freehold properties
- Leasehold properties with term longer than 7 years
- Following properties purchased on or after 8 December 2014:
- Registered plot of land
- Tenancy on a registered lease
- Following properties purchased on or after 1 August 2022:
- Freehold properties
- Leasehold properties with the term longer than 21 years
At UK Property Accountants, we have specialist ROE team who have dealt with a lot of GUERNSEY entities and can get your overseas entities registered at speed.
Learn More here - Register of Overseas Entities - A Complete Guide
Process for the Registration of Overseas Entities
Step 01- Identification
Identify all the registrable beneficial owner(s)
Step 04- Annual Compliances
Re-verify and update the information of the Overseas Entities every year
If you are living in Guernsey and involved in the UK Property and real estate, UK Property Accountants will provide expert UK tax and accounting solutions tailored to the residents of Guernsey. The property taxes applicable in the UK is quite complex and can be very difficult to understand for Guernsey based businesses and individuals. The UK tax system is drastically different from the tax system of Guernsey.
Following are the most common forms of ownership structure commonly used by the investors and businesses based in Guernsey for property ownership and property development projects:
- UK limited company with residents of Guernsey as shareholders
- Private Limited Liability Company (LLC) registered in Guernsey
- Direct ownership by individual investors
- Other complex structures such as trusts and entities based in Guernsey
Tax experts and accountants at UK Property Accountants with experience and expertise in dealing with Guernsey residents will be able to advise you on the best structure and execute the chosen structure. We also understand the reliefs and tax implication of the double taxation treaty between the UK and Guernsey (UK/Guernsey Double Taxation Treaty) signed on 2nd July 2018.
UK Property Accountants also provides regular tax compliance, accounting and company law compliance services, covering various services such as:
UK Property Accountants deal with a wide range of businesses run by the residents and nationals of Register Guernsey Entity owning UK Properties with the Companies House as listed below:
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