By Annette McCarthy, 5th October 2021
Many Irish companies with UK directors have still not taken action when it comes to Brexit and the need to secure a Revenue Bond. Since 1st January 2021, Irish companies with only UK-based directors are required to either appoint an EEA resident director or put in place a Section 137 Revenue Bond in order to comply with the Companies Act 2014.
Do I Need a Brexit Bond?
Often referred to as a Brexit Bond, a company director bond is actually required for any Irish-registered company that does not have at least one European Economic Area (EEA) resident director. Anyone who is involved in running an Irish-registered company should be aware of the compliance obligations under the Companies Act 2014 and the need to have a Section 137 Non-EEA Resident Director Bond in place. Please note that the EEA director requirement is in relation to residency and not citizenship; therefore, an Irish director who is a tax resident in the UK would not fulfil this obligation.
Securing a Brexit bond insures the company up to and including the sum of €25,000 for a period of two years. Additional alternatives are to appoint an EEA-resident director or obtain the Revenue certificate of a real and continuous link to the state. Non-compliance can result in a fine, and if a company is found in breach, the Registrar has the power to strike that company off the register.
How Can I Obtain a Company Director Bond?
If your Irish company is not compliant with the EEA-resident director requirement, the issue can be resolved quickly by securing a Section 137 Director Bond. At Company Bureau, we offer a fast and straightforward online process to order a non-EEA resident director bond in Ireland.
Once your order is placed through our website, we will email you:
- The Bond Application Form
- The Directors’ Letter
- All relevant Companies Registration Office (CRO) Form(s)
Our email will include step-by-step instructions on how to complete each document and what actions to take with the CRO forms and supporting letters.
To avoid delays and ensure everything is correctly completed, we recommend emailing us the completed documents for review before sending them by post. This ensures your company remains compliant with Irish company law as quickly and efficiently as possible.
As soon as the original documentation is received and we have completed the bond issuing procedures, we will upload the CRO form(s) and courier the issued bond to the CRO. If the client has requested a copy of the issued bond, this is sent via email at this stage.
Once the CRO registered submission e-mail is received, we notify the client that the CRO has processed the form(s) and, in effect, has registered the bond. Shortly afterwards, the bond details will appear on the online company information system(s).
The bond will last for a duration of two years, whereby it will expire after this period and will need to be either renewed or an appointment of an EEA resident director would have to have occurred.
If you would like to order our Non-EEA Resident Directors bond service, please do so online. If you have any queries, please do not hesitate to contact us or call +353 1 6461625. The experts at Company Bureau would be happy to assist you with your specific company needs.
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.
