2017 Ezine Newsletter

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ISSUE 169 - 3rd July 2017

COMPANIES (ACCOUNTING) ACT 2017

The Companies (Accounting) Act 2017 has been passed by the Oireachtas and commenced on 9th June 2017 (with the exception of s.80)

Link: Irish Statute Book : http://www.irishstatutebook.ie/eli/2017/act/9/enacted/en/html

Section 15 amends Part 6 of the Companies Act 2014. It inserts a new Chapter 1A (sections 280A – 280H) which provides for the criteria for companies to qualify as “small”, “medium” or “large”, and introduces the new “micro” category of company.

https://www.cro.ie/Annual-Return/Financial-Statements-Requirements/Micro-Company   
 

ANNUAL REPORT CRO

The Companies Registration Office Annual Report is now available from the website. See Publications page.

 

UNLIMITED COMPANIES - NO EXEMPTION AVAILABLE

The Companies (Accounting) Act 2017 removes the option for an unlimited company to apply for a suffix exemption. This Act does not affect any exemption already granted by the Minister. Only DACs/CLGs can apply for further exemptions. 

 

STRIKE OFF PERIOD TO BE REDUCED 

The period between a missed annual return and the commencement of strike off proceedings against out-of-date companies is to be reduced. The current period of over 300 days will, over three months, be reduced to 200 days.

Link to further information on involuntary strike off
https://www.cro.ie/Termination-Restoration/Company/Involuntary-Strike-Off  
 
 
DISCONTINUATION OF FAST TRACK FACILITY

The Registrar of Companies has decided to discontinue the Fast Track facility for company restorations. The Fast Track facility was introduced to deal with a backlog in restoration applications. This backlog in restoration cases no longer exists and the CRO is introducing a new customer service target whereby companies will be
restored within 5 working days of receipt of correctly completed applications, including all outstanding annual returns.

Since 1st June 2017 efiling has been extended to facilitate the filing of multiple annual returns (B1s). Once a H1 application form (Restoration of Company on application to Registrar) has been filed within the tatutory timeframe of 12 months after dissolution, outstanding annual returns can be efiled up to 15 months after the date of dissolution. The Fast Track facility will be discontinued with effect from 1st August 2017. 
 
 
MANDATORY EFILING OF CERTAIN FORMS FROM 1ST JUNE 2017 

The CRO has introduced mandatory electronic filing for the forms B1, B2, B10 and B73 as of June 1st 2017.

Changes to filing Form B1 after 1 June

From 1 June 2017, the sole means of filing a B1 and financial statements and paying for an annual return is in electronic form. The return may be digitally signed using Revenue Online Service (ROS), otherwise, the signature page must still be printed off, signed and delivered to the CRO.

Please see website pages on Mandatory E-filing
https://www.cro.ie/2017-Changes/Electronic-Filing-Mandatory  
https://www.cro.ie/2017-Changes/FAQ-regarding-Mandatory-EFiling  
https://www.cro.ie/2017-Changes/FAQ-regarding-EFAs-and-Mandatory-EFiling 

WHY NOT FOLLOW CRO ON TWITTER  

CRO posts information on twitter regarding updates/changes to practices

https://twitter.com/cro_ie

Link to CORE (Companies Online Registration Environment)  https://core.cro.ie/


BENEFICIAL OWNERSHIP

Further information, including the definition of a "beneficial owner" and general information on how the central register of companies and I&Ps is expected to operate can be found at: https://www.cro.ie/2017-Changes/Beneficial-Ownership

 

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