On 4 March 2016, BIS published a discussion paper setting out various proposals requiring foreign companies to provide information on their beneficial ownership before undertaking certain economic activities in the UK in order to enhance transparency.

The government is considering whether foreign companies wishing to buy land or property in England and Wales, or wishing to enter into public procurement contracts in England, should be under a similar obligation to UK companies that will, from 6 April 2016, have to keep a register of people with significant control or declare that there are no such people. The closing date for responses was 1 April 2016 and the discussion paper can be accessed here: