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Archive for the ‘Irish Limited Companies’ Category
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
Tags: accountants in cork, Certificate of Incorporation, companies consolidation bill 2010, Company Directors, company law, company name, company secetary, Directors, limited company, Memorandum/Articles of Association., minute book, O.D.C.E., ODCE, office of director of corporate enforcement, responsibilities of the company secetary, single director companies, statutory registers
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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 The information held by some on this subject can be somewhat mis-led, out of date or plain confused!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.
Tags: Company Law requirements, Directors residency, EEA resident Director, forming an Irish limited company, incorporating an Irish limited company, irish limited company, Irish resident, s43 bond, Setting up a Limited Company
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Thursday, April 22nd, 2010
There are legal obligations on foreign companies operating in Ireland to register with the CRO, normally within 1 month of beginning operations here. Most companies will either have a Place of Business or a Branch. The difference between these two types of registration depend on whether the company’s activities in Ireland are part of the company’s main business or are just ancilliary activities such as a representative office with decision making on contracts being made at head office overseas. If you would like to discuss your own companies status please refer to O’Mahony Donnelly contact details.
Tags: Branch, foreign companies, place of business
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Thursday, November 12th, 2009
The tax free threshold of 0% corporate tax which applies to Irish Limited Companies that are incorporated and begin trading no later than 31/12/2009 will soon arrive. This deadline is further shortened by the CRO (company registration office) christmas opening times. They can only guarantee new company applications received by 14/12/2009 will be processed before 31/12/2009. To meet the criteria as incorporated and having begun trading during 2009 a tax registration application also has to be submitted. This can only be done after the company is incorporated. It is therefore vital that these applications are made now, preferably in November, to ensure you meet the above conditions.
Tags: corporation tax, Irish Limited Companies, tax registration
Posted in Business Advice, Business News, Financial Managment, Irish Limited Companies, Taxation | No Comments »
Friday, July 3rd, 2009
Following changes passed today in the Companies Amendment Act 2009, non-Irish resident directors will no longer have to provide a s43 bond to incorporate an irish limited company. This will save new Irish companies bi-annual cost of € 1,800 approximately and is seen as a siginificant boost to new business start-ups. S 10 of the Act lays down the criteria which includes the list of countries in EEA area, currently totalling 30 in all.
Whilst the act has to be signed by the President to take legal effect, I understand that any applications received after today will not require the bond with the application. However any bonds that expired before today are likely to need renewing.
If you require any assistance or explanations on how the above may affect your company, you are welcome to contact us to discuss. O’Mahony Donnelly Chartered Certified Accountants Contact Details
Tags: Companies Amendment Act 2009, irish limited company, non-Irish resident directors, s43 bond
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Thursday, May 14th, 2009
The Seanad, who were due to meet again yesterday afternoon, wednesday 13/05/2009 to further debate proposed changes in the ‘Companies (Amendment) Bill 2009′ have moved this debate back . I was in contact with the private secretary to the Leader of Seanad Eireann today who has confirmed they propose to progress this during the next week.
I will keep you updated as soon as I have further information together with any significant amendments and the likely timetable for passing into Irish law.
Tags: Companies (Amendment) Bill 2009, Irish law, Non-Resident Directors
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Monday, May 11th, 2009
The Seanad meet again this wednesday 13/05/2009 to further debate proposed changes in the ‘Companies (Amendment) Bill 2009′ . We will provide further details to our last posting on 06/05 in respect of proposed changes to directors residency after this date.
Tags: Companies (Amendment) Bill 2009, Irish Company Law, Non-Resident Directors
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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…)
Tags: corporation tax, Irish Limited Companies
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