Deadline for Irish Companies to File Beneficial Ownership Details

Deadline for Irish Companies to File Beneficial Ownership Details – 22^nd November 2019

All limited companies in Ireland now have a statutory obligation to file information of the beneficial owners with the newly established Central Register of Beneficial Ownership (RBO).

The Companies Registration Office have confirmed that as of 12th November, only 23% of Irish companies that have an obligation to file details of their beneficial ownership information have completed the filing. This leaves 176,000 companies that are required to file ahead of the deadline on Friday week (22nd November).

What is a Beneficial Owner?

A beneficial owner is a natural person with a 25% or more stake in a private company, trust, or provident society, or someone with significant control. The RBO online portal was established and began accepting filings in June.

Deadline for Existing Companies

The deadline for existing companies (formed before June 2019) to file is 22nd November 2019. Existing companies have been granted a 5-month transitionary period from when the register went live in June.

Deadline for Newly Formed Companies

Any newly formed limited companies (after June 2019) will be required to file their beneficial ownership information within 5 months of incorporation.

Requirement to File

After the transitionary period has lapsed it will be considered a breach of statutory duty not to file and there could be fines of up to €500,000.

For more information, or for professional assistance in making the beneficial ownership filing, please contact Company Bureau – Ireland’s leading company formation and corporate service provider.

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