UK: Companies Act (2006) - Overseas Companies Regulations 2008

A revised draft of the Overseas Companies Regulations 2008 has been published and is available here (in Word format). The revised draft has been published following a consultation in December 2007. In its response to this consultation (available here in Word format), the Government notes:

In line with the wider Companies Act 2006 (the 2006 Act) implementation timetable, the overseas companies regulations (including the accounting provisions) will be commenced on 1 October 2009. These regulations are intended for use by both overseas companies with an existing UK branch or UK place of business, and overseas companies that register a UK establishment on or after 1 October 2009.

The regulations apply to overseas companies as defined in the 2006 Act. The Government’s approach to these companies remains the same as it was in December 2007 and the regulations have continued to be developed with the intention of minimising obligations on overseas companies while complying with European legislation, as well as ensuring that UK creditors will have access to transparent information about the business of such companies. This is particularly the case with regard to accounting provisions within the draft regulations, which we have developed further in response to comments received in light of the consultation".