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Elizabeth Hurley, Arun Nayar to Wed in March

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Elizabeth Hurley has named the date for her wedding to Arun Nayar.

The actress and swimwear company boss, 41, will marry the Indian businessman, 42, in the English countryside on March 3, according to a banns – a public announcement of marriage – posted at the local register’s officer in Cheltenham, Gloucestershire.

Before posting the document, the couple paid the standard fee of about $58 and spent an hour with a registrar going through the paperwork, a source at the council tells PEOPLE.

According to reports in the British press, the ceremony will be held at the country home of one of Hurley’s friends and followed by a party in India.

Hurley and Nayar, a textile heir and computer-company owner, have dated since 2003. Nayar was previously married to Italian model Valentina Pedroni; Hurley, who dated Hugh Grant for 10 years, has a 4-year-old son, Damian, from a relationship with film producer Stephen Bing.

When the couple are in England they are mainly based at the 400-acre farm in Gloucestershire that Hurley bought in 2003. Country life, Nayar told PEOPLE in 2005, agrees with them: “I’ll take Damian out on the tractor while Elizabeth cooks,” he said. “It’s a bit like the Waltons.”

A rep for Hurley had no comment.