Archive for the ‘Irish Limited Companies’ Category

ODCE Report Highlights Key Approach in Corporate Governance

Tuesday, September 21st, 2010

The ODCE is responsible for ensuring compliance with company law in Ireland. It issued its 2009 annual report on 27 May 2010.

One of the significant issues addressed in the report was entitled ‘confronting unlawful company behaviour’. This is an express statement of intent by the ODCE on the strict importance placed on compliance for Directors of Irish limited company’s!

The report measures the standard of Irish corporate governance by the number of reports made by auditors and complaints by the general public. Reports of suspected ‘indictable offences’ have long been on the agenda and an increase in reported offences were made during the years 2008 to 2009. This is not surprising given the economic downturn leading up to and including 2009, probably the worst year of all and the negative spin off effect this normally has on compliance issues, with more companies under economic pressure.

If you have any questions on your own limited company that you need to discuss please contact me at O’Mahony Donnelly ….Michael O’Mahony FCCA

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Company Secretarial Update

Monday, May 31st, 2010

I was at a recent meeting on the subject of company law and the responsibilities of the company secetary within the limited company. This meeting of accountants in cork plus other professionals re-affirmed some key issues as follows:

1. The legal obligation on companies to maintain the 7 statutory registers (minute book). The O.D.C.E. (office of director of corporate enforcement) could request sight of this register at any time!

2. Company Directors who think they can walk away from a company are now more likely to face legal sanctions brought by the ODCE. There is a legal procedure to dispose of a limited company and if it is not followed then Directors could be prosecuted.

3. A new companies consolidation bill 2010 is in process and expected to become law sometime in 2014.

The new Act will likely bring single director companies, a constitution to replace the existing Memorandum/Articles of Association, new company name and certificate of incorporation.

If you would like to discuss any issue surrounding company law or directors obligations then contact me at O’Mahony Donnelly….Michael O’Mahony FCCA

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Setting up a Limited Company – Director Requirements

Tuesday, April 27th, 2010

We have received many enquiries recently on the subject of Company Law requirements for Directors of an Irish Limited Company. The information held by some on this subject can be somewhat mis-led, out of date or plain confused!

Directors residency is a significant and also potentially costly issue when incorporating an Irish limited company.

The current requirement for forming an Irish limited company is that at least one of the two Directors is an EEA resident (EU plus Norway, Iceland & Liechtenstein). Previously one of the Directors had to be Irish resident.

Without an EEA resident Director then the company is required to take out a s43 bond insurance policy, which costs a substantial sum.

You may be an entrepreneur, completely new to business or someone who is unfamiliar with the current legal position for Directors.  If you would like further information and assistance with incorporating an Irish limited company please see O’Mahony Donnelly Contact Details.

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New Benefits For Irish Limited Companies Come Into Effect

Friday, December 12th, 2008

Following on from our latest budget announced on 14/10/2008 I attended a seminar in cork before Christmas, which re-affirmed the attractive changes announced recently for limited companies, already a great proposition for new business in Ireland.

These changes will exempt Irish limited companies from corporation tax for a period of three years form 01/01/2009. There are conditions and limits, I can provide further details if you would like to contact me, but this will benefit Irish business to the tune of thousands of euro. if you are thinking of starting a new business here I would strongly recommend you contact me. (more…)

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