The District Court Application to waive CRO late filing fees

Most Company directors still don’t appear to be aware of the two great benefits that follow from a successful application to the local District Court to extend the date for the filing of an annual return that’s late!

The No.1 advantage is that the company gets to keep its very valuable audit exemption and now that audit exemption is available to “small companies” with annual turnover sales below €12 million. Audits have just got a lot more expensive and complicated and the latest Companies (Statutory Audits) Bill 2017 will bring even more formality to the table !

Irish companies have paid millions over the years in late filing fees and a successful application means that the late filing penalty of up to €3, 600 is waived.

The application can be made in any local District Court where the registered office is situated. However, that is liable to change with new proposals in the new Companies Bill 2017 to require this application to be brought in the High Court.

COMPANIES (ACCOUNTING) ACT 2017, FULLY PASSED !

It’s all about to change!

Two brand-new 2017 Companies Acts are expected to be enacted here in May.

So much for the notion that we would have one easy to read Companies Act 2014!

The Companies Act 2014 will now be substantially amended by the LATEST new Companies (Accounting) Act 2017, NOW passed and the new Companies (Amendment) Act 2017, already passed by Seanad Eireann and heading for the final stages in May 2017.

Details of yet another new Companies Bill 2017 have also been published and it looks like we will have a fourth new Companies Act by the end of the year.

Company directors will then need to be aware of the statutory provisions found in the new Company law Rulebook comprising:

  • The Principal Act, the Companies Act 2014
  • Companies (Accounting) Act 2017,
  • Companies (Amendment) Act 2017,
  • Companies (Statutory Audits) Bill 2017

 

Register of Beneficial Owners, New 26th September 2017 Filing Deadline

Register of Beneficial Owners, New 26th September 2017 Filing Deadline

The poor old Irish company director will be really bamboozled this year with a host of new EU Regulations requiring them to maintain Registers of Beneficial Owners, keep that information on a specific register and then arrange for it to be transmitted directly, most likely electronically, into the new Central Registry, which will be situated at the Companies Registration Office. However, because it’s not a company law requirement, this information will be stored on a completely separate register to that maintained by the Registrar of Companies.

The new requirement to file this information in the Central Registry is coming here on 26th June 2017! It’s mandatory and most importantly it’s been a legal requirement here since 15th November 2016 and it’s inevitable that the softly softly approach presently adopted is guaranteed to change later this year. Expect more by way of enforcement, sanction and even spot checks on companies by officials from the anti-money-laundering units associated with the Department of Finance and the Department of Justice!

Accordingly, all companies need to review their position and if necessary Regulation 6, 8 and 10 Notices need to be prepared immediately and dispatched to the relevant members of the Company. These new regulations also apply to companies limited by guarantee, Co-Op’s and Industrial and Provident Societies.

 

Blueprint OneWorld is the world’s leading global company management and corporate governance software. This Software helps keep track of filing deadlines, generates e-filing forms, and also keeps a detailed register on all company, director and shareholder changes. Find out more at https://thecompanyshopsoftware.ie/welcome/blueprint-oneworld/

The New Companies (Accounting) Act 2017

The New Companies (Accounting) Act 2017

 The long-awaited New Companies (Accounting) Act 2017 is about to arrive here in early May !

Already passed by Dail Eireann, it’s set to be enacted here next month and  will be commenced into law almost immediately.

The new citation will be the Companies Acts 2014 to 2017.

We will have three different Companies Acts in 2017. The Principal Act of 2014 and the two new Companies Acts 2017, expected here in May 2017. The Companies Statutory Audits Bill 2017 is expected in the autumn and that will increase the number to three different companies acts if enacted in 2017.

The Companies (Accounting ) Act 2017 will contain over 101 Sections of new law and its hugely significant to every single company in that it introduces brand-new formats with regard to the extent of financial information which must be published in the CRO. Small companies with a turnover below €700,000 can opt to be classified as micro companies with significantly reduced reporting requirements to the CRO.

 

CPD Seminars will be hosting seminars nationwide covering the  New Companies (Accounting) Act 2017, as well as what is really relevant in the BOR Regulations and CRO Mandatory efiling. Seminars for accountants, company directors, company secretaries, solicitors, credit controllers, insolvency practitioners and others.

Find out more and sign up – https://www.cpdseminars.ie/product/the-companies-act-2017/

 

Ready for mandatory CRO Paperless e-filing?

Ready for mandatory CRO Paperless e-filing?

We wonder if all 500,000 Irish company directors are really fully aware of the little-known Statutory Instrument 458 of 2016 signed into law by the Minister responsible for company law, Mary Mitchell O’Connor on Wednesday 24th August 2016 when most people were away on their annual holidays.

It’s very fairly clearly signposted on the CRO website but that might be enough!

Full electronic filing can be challenging if you’re not using the system on a regular basis and if you’re not familiar with the Revenue ROS certificates.

So on Thursday, 1st June 2017 no more paper accounts, annual return forms or change of registered office or officers unless filed electronically!

Basically there are two systems, electronic filing CRO forms using the director/Secretary Signature page but that still means you need to get a paper document into the CRO within 28 days of electronically filing the statutory form.

Full electronic filing is 100% paperless but you really need to be well set up in advance and well acquainted with the use of the ROS certificate.

Company directors and company secretaries need to be well acquainted with these methods before Thursday, 1st June 2017.

Being late in 2017 is simply unacceptable with the draconian sanction of the statutory audit requirement for two years in circumstances where audits will cost a lot more in 2017.

 

Blueprint OneWorld is the world’s leading global company management and corporate governance software. This Software helps keep track of filing deadlines, generates e-filing forms, and also keeps a detailed register on all company, director and shareholder changes. Find out more at https://thecompanyshopsoftware.ie/welcome/blueprint-oneworld/