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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

Tags: auditors, company law, Corporate Governance, indictable offences, Irish corporate governance, Irish limited company's, limited company's, ODCE, unlawful company behaviour
Posted in Irish Limited Companies | No Comments »

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

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
Posted in Irish Limited Companies | No Comments »

Doing Business in Ireland

Tuesday, March 9th, 2010

If you are a foreign business considering doing business in Ireland then you will need to consider some key business issues as follows:

Ireland’s Government attitude to Foreign Direct Investment
The trading structure or business registration your company will take in Ireland whether this is through a place of business, branch registration or limited company subsidiary
The legal environment for doing business in Ireland including company law, employment law & health and safety
Irelands taxation framework including corporation tax, VAT, PAYE/payroll taxes, double tax treaties, witholding taxes, Capital gains tax, personal taxes & social insurance law (Location of your business in Ireland could ultimately reduce your overall international corporation tax bill)
Availability of business premises & skilled employees
Other issues such as banking, finance & intellectual property framework

We have extensive experience advising foreign companies on the issues they face when locating a business in Ireland.

Tags: branch registration, business registration, Capital gains tax, company law, corporation tax, Doing Business in Ireland, double tax treaties, employment law, foreign companies, Foreign Direct Investment, health and safety, international corporation tax, limited company, locating a business in Ireland, PAYE/payroll taxes, personal taxes & social insurance law, place of business, subsidiary, Taxation, trading structure, VAT, witholding taxes
Posted in Doing Business in Ireland | No Comments »