Overseas Companies
The current framework for overseas companies that operate their business in the UK accommodates two regimes, one for places of business and one for branches that are registered here. The Government has decided to move to a more straightforward, single regime to avoid confusion when it comes to registration. Responses to recent consultation warmly supported a single regime, under the general term ‘UK establishment’, which accommodates both the EU concept of branches and the wider concept of place of business. Ahead of making this decision, the Government again reviewed the limitations of European Community Law and has taken account of the needs of agencies who regularly access information on the register.
In order to ensure that we continue to comply with the 11th EU Directive we have prepared draft regulations regarding registration and reporting requirements in a way that matches those currently required for a branch within the meaning of that Directive and have applied these across the piece to all UK registered establishments of overseas companies, regardless of their country of incorporation.
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Draft Overseas Companies Regulations are now available for information on the BERR website from the Regulations – draft page. These were last updated in June 2008 to reflect the Government’s response to the consultation on the overseas companies regime of December 2007 – March 2008.
These regulations will come into force in October 2009.
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The person registering a charge over UK property created by an overseas company will need to know the name under which the overseas company has registered at Companies House. The filing will be rejected if the name and number under which the company is registered at Companies House are not both included in the form to register the charge.
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