By Caitlyn Buchanan, 14th May 2018
The Minister for Business, Enterprise and Innovation has ordered that Section 80, the last section of the Companies Accounting Act 2017, be enacted on the 9th of June 2018. This section brings changes from the Companies Registration Office (CRO) regarding the formation of eternal companies such as Irish Branch Companies.
Under the Companies Act 2014, only foreign bodies with limited liability who established a branch company in Ireland were required to register the branch with the CRO and file financial statements annually. The branch could be registered as an EEA Company or a Non-EEA Company depending on the jurisdiction that the parent company is registered.
New Definition for “External Company”
From 9 June 2018, Section 80 of the Companies (Accounting) Act 2017 the definitions of EEA and non-EEA companies will be extended to include undertakings where members’ liability is unlimited and subsidiaries whose liability is limited. These amendments will require those unlimited external companies to also register details with the CRO from the 9th of June 2018. This change also includes the requirement of newly registered branch companies to file financial statements annually in Ireland.
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