Many of you will be aware of the flurry of activity, articles and webinars that preceded and followed the launch of the Register of Overseas Entities (the "Register") last summer. This continued during the autumn and early winter, which comprised the six-month transition period during which in-scope overseas entities had to register, but now that the 31 January 2023 transition period deadline has long since passed, was it just 15 minutes of fame for the Register?

Not according to recent statistics, which suggest that the Register is being frequently accessed by people seeking out information about UK property-holding overseas entities and their beneficial owners. According to a recent news story by Companies House, which manages the Register, over 27,000 overseas entities are now registered and as at 30 April 2023, the Register had been searched over 405,000 times with beneficial owner information having been accessed almost 90,000 times. Assuming these searches haven't just been carried out by over-zealous Companies House employees seeking to test the new and speedily implemented regime, it shows that the registration requirements are still very much on peoples' minds and that the need for registration has become part and parcel of real estate transactions. 

So, if you do have a connection with an overseas entity which is considering acquiring land in the UK, remember to arrange for registration if you haven't already done so and seek professional advice if you're unsure of the requirements or process, particularly if there is a complex ownership structure. The registration requirements are not always straightforward and failure to follow them correctly could cause a delay in your transaction timetable or even scupper the deal altogether.