What is a Trust and Company Service Provider (TCSP)?

By Niamh Ward, 30th June 2022

In the Republic of Ireland, A Trust or Company Service Provider (TCSP) is any person or corporate entity whose business provides any of the following services:

• forming companies or other bodies corporate;
• acting as a Director or Secretary of a company under an arrangement with a person other than the company;
• arranging for another person to act as a Director or Secretary of a company;
• acting, or arranging for a person to act as a partner of a partnership;
• providing a registered office, business address, correspondence or administrative address or other related services for a body corporate or partnership;
• acting, or arranging for another person to act, as a trustee of a trust or
• acting, or arranging for another person to act, as a nominee shareholder for a person other than a company whose securities are listed on a regulated market.

 The Criminal Justice (Money Laundering and Terrorist Financing) Act, 2010 contains provisions requiring any person wishing to carry on the business of a Trust or Company Service Provider (TCSP) to obtain an authorisation to do so from the Minister for Justice and Equality. Once authorisation is received, the Department of Justice and Equality will regularly audit the TCSP to ensure compliance and a high standard of Anti-Money Laundering procedures is maintained.

Why is TCSP Status Important?

When setting up a company here in Ireland, any service that you take such as Registered Office, Secretarial services and company formations services must be from either a registered Accountant, Auditor, Solicitor or a TCSP. Do not obtain any of these services unless the agent is regulated as above. Unregulated entities and people are not permitted to enter into these types of business relationships under Irish and European law.

We see a lot of ‘formation agents’ popping up year after year, who want to make a quick buck from price-sensitive customers. Do not be fooled by low prices or the promise of quick turnaround. Always make sure that the agent you are using is a registered Accountant, Solicitor or TCSP to ensure that you do not jeopardise your business before it has even started.

Working with a TCSP means you can be confident that your business will receive the most professional service available because the person/business is qualified in their field and the business relationship is legal.

Company Bureau Formations

Company Bureau is a TCSP and as such we are regularly audited by the Department of Justice and Equality. This means that we need to maintain the highest standard of policies and procedures in relation to Anti-Money Laundering and Terrorist Financing. Should you choose to take any of our services you can rest assured that you are receiving a professional and high standard of service. For further details, please don’t hesitate to contact us or call +353 1 6461625.

Disclaimer This article is for guidance purposes only. It does not constitute legal or professional advice. No liability is accepted by Company Bureau for any action taken or not taken in reliance on the information set out in this article. Professional or legal advice should be obtained before taking or refraining from any action as a result of this article. Any and all information is subject to change.