What's New 2020


CURRENT PROCESSING DATES

February

Taking Care of Business

Taking Care of Business

More than 25 State bodies and services will be available to offer free expert advice and information to SMEs, start-ups and entrepreneurs at  Taking Care of Business, a free one-stop-shop event taking place on Wednesday, 25th March, in the Printworks Conference Centre, Dublin Castle.

The event runs from 8.15 am to 2pm. Register, free of charge, now at Taking Care of Business. https://www.eventbrite.ie/e/taking-care-of-business-dublin-2020-tickets-90288030931 

RFS Cancellations

The Registry of Friendly Societies (RFS) is currently in the process of cancelling the registration of several Trade Unions due to their failure to file returns. The unions will be cancelled on 27th March 2020 unless the outstanding documents are filed.

Migration of Participating Securities Act 2019 
The Migration of Participating Securities Act 2019 was commenced on 29th January 2020. Form B90 can be completed in relation to section 10 of the Act. Form B90 has a filing fee of €15. A special resolution can be completed on a G1 form in relation to section 4/5 of the Act. A special resolution has a filing fee of €15.

January

BREXIT 

The UK has left the European Union as of January 31st 2020 but with transitionary provisions in place until 31st December 2020. During this period the UK's trading relationship with the EU will remain the same.

The UK will also continue to follow EU rules. During the transition period the UK will remain under the jurisdiction of the European Court of Justice and stay within the single market and the customs union. All EU regulations will continue to apply to the UK, including changes made to these regulations during this period.

However thereafter, if no agreement is in place, UK resident directors will be required to comply with section 137 Companies Act 2014. This is the requirement to have an EEA-resident director. 

SECTION 137 - BOND WHERE COMPANY HAS NO EEA-RESIDENT DIRECTOR

The requirement to have at least one EEA resident director from a member State does not apply to any company which for the time being holds a bond, in the prescribed form, in force to the value of €25,000 and which provides that in the event of a failure by the company to pay the whole or part of a fine imposed on the company in respect of an offence under the Companies Act 2014 or under the Taxes Consolidation Act 1997, there shall become payable under the bond a sum of money for the purpose of same being applied in discharge of the whole or part of the company's liability in respect of any such fine or penalty.

The bond must have a minimum period of validity of two years, commencing no earlier than the occurrence of the event giving rise to the requirement for the bond. The surety under the bond must be a bank, building society, insurance company or credit institution. 

Please see Leaflet 17 https://www.cro.ie/Publications/Publications/Information-Leaflets 

ALTERNATIVE TO BOND - FORM B67 

If, following incorporation, a company applies for and is granted a certificate from the registrar of companies that the company has a real and continuous link with one or more economic activities that are in carried on in the State, that company will be exempted from the requirement to have at least one EEA resident director from the date of the certificate, as long as the certificate remains in force. 

Application for this certificate is made on Form B67, and must be accompanied by a statement from the Revenue Commissioners made within two months of the date of the application by a statement that the Revenue Commissioners have reasonable grounds to believe that the company has such a link.

Please see link to Form B67 https://www.cro.ie/Publications/Company-Forms

https://www.cro.ie/Registration/Company/Incidental-Obligations/Company-Officers  

I have an UK external company branch registered with the CRO. Do I have to re-register?
No. If the UK leaves the European Union without any deal in place, the external company will now be subject to filing annual returns with the CRO under the non-EEA country legislation however. Section 1304 Companies Act 2014 applies in relation to the submission of any changes in the company’s information. Sections 1305/1306 Companies Act 2014 applies with regards to the annual returns.
http://www.irishstatutebook.ie/eli/2014/act/38/section/1305/enacted/en/html#sec1305  
http://www.irishstatutebook.ie/eli/2014/act/38/section/1306/enacted/en/html#sec1306  

Essential Maintenance 30th January

Essential maintenance will be carried out on our IT systems between 4pm and 5pm today. While there should be no impact on our services, there may be a slight risk services go down. We advise you to save your input in CORE regularly during this period.

January 31st 2020

The UK is leaving the European Union as of January 31st 2020 but with transitionary provisions in place until 31st December 2020. During this period the UK's trading relationship with the EU will remain the same. The UK will also continue to follow EU rules. During the transition period the UK will remain under the jurisdiction of the European Court of Justice and stay within the single market and the customs union. All EU regulations will continue to apply to the UK, including changes made to these regulations during this period.

However thereafter, if no agreement is in place, UK resident directors will be required to comply with section 137 Companies Act 2014. This is the requirement to have an EEA-resident director.

For further information on Government support and advice, please visit www.gov.ie/brexit or read the Government’s “Getting Ireland Business Brexit Ready: Practical Steps Guide” that sets out the nine practical steps to take to ensure that businesses are as prepared as they can be. 

Discontinuation of refunds for online filing of C1/C1a 

The filing fee for a C1/C1A is €40. This is paid online by customer account or credit card. From 1st February 2020, the CRO will no longer refund €40 for rejected/returned C1/C1A’s.

If you have chosen to pay by credit card, payment will be taken immediately and is NON-REFUNDABLE (as we cannot store card details). If you would prefer to pay by customer account, payment will not be deducted from your customer account until the submission is received and processed. If the C1/C1A is incorrectly filed, it will be returned and can be amended by the presenter and resubmitted to CRO, once it is inside the 21-day limit of the date the charge was created. No additional fee is required.

A charge which is outside the 21 days will be rejected.

If you wish to open an account with the CRO, please see Open a Customer Account Online page. CRO Account holders should ensure that there is sufficient money in their account to cover the transaction before submitting their documents. 
 
Credit notes 

Over many years the CRO has issued credit notes to customers in place of cash refunds. Following legal advice received by CRO, and as part of CRO`s intention to move to a full e-payments based system for all monies charged and received from customers,the CRO will phase out the acceptance of historic credit notes. This commenced on 1 January 2020 and will be implemented on a rolling six-year basis. Thus, all credit notes issued by CRO dated prior to 1 January 2014 will not be honoured as payment from customers for either charges for services or customer account receipts, from that date.

Limited Partnerships

Under the European Union (Qualifying Partnerships: Accounting and Auditing) Regulations 2019 – SI 597 of 2019, qualifying partnerships apply Part 6 and Part 26 Companies Act 2014. These regulations replace the 1993 Regulations. The European Communities (Accounts) Regulations 1993 are revoked. (SI 396 of 1993). Form PR2 is used for qualifying partnerships to submit their return under Part 26 Companies Act 2014.

Getting Ireland Brexit Ready

Getting Ireland Brexit Ready

It is important that you ensure you are fully prepared and take all possible actions now to prepare in order to protect your business and employees. There are steps your business can take to manage change and minimise any disruption and cost to your business. There are many unknowns with Brexit, but whatever happens, it will bring change to the way we do business with or through the UK and companies need to prepare as much as possible for this change, regardless of location, size or sector.

You can access the Brexit Preparedness Checklist which identifies the essential actions that firms can take to ensure that they will still be able to trade with or through the UK after it leaves the EU. The checklist includes a list of the Government advice and financial supports available to companies in their preparations for Brexit. It also includes contact details for the relevant Agencies who can provide the necessary guidance and support to firms. You are encouraged to contact them and see how they can help you.

For further information on Government support and advice, please visit www.gov.ie/brexit or read the Government’s “Getting Ireland Business Brexit Ready: Practical Steps Guide” that sets out the nine practical steps to take to ensure that businesses are as prepared as they can be. 

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