Bookkeeping & Payroll
What are the Company Law Implications of Brexit for Irish Companies
Phone - 01 490 1670
Email - info@croninco.ie
JuvoDigital | March 12, 2019
As the UK is set to leave the EU on the 29th March 2019 Irish companies which only have UK resident directors will be required to have a least one EEA resident director ( Section 137 Companies Act 2014) otherwise the companies will be in breach of the Companies Act.
If it is impossible for an EEA-resident director to be appointed, there are two circumstances where the requirement of an EEA Resident Director will not apply :
€25,000 Bond
A bond must be in place to the value of €25,000 that would provide in the event of a failure by the company to pay the whole or part of a fine imposed on the company in respect of an offence under the Companies Act 2014 or under the Taxes Consolidation Act 1997.
The bond must be valid for a minimum of two years and commences no earlier than the occurrence of the event giving rise to the requirement for the bond – which could be the 29th March 2019
Application for a certificate stating that a company has a real and continuous link with one or more economic activities being carried on in the State
Application is made via a B67 form
A statement from the Revenue Commissioners is required to be attached, which needs to be made separately and within two months of the date of the application, stating that the Revenue Commissioners have reasonable grounds to believe that the company has such a link.
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info@croninco.ie
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