CRO Newsletter - Issue 185

CHRISTMAS 2018 DEADLINES - NEW COMPANIES 

FOR INCORPORATIONS, CHANGE OF NAME RE-REGISTRATIONS AND COMPANY NAME RESERVATIONS
The CRO cannot guarantee that submissions received after the dates set out below will be processed before the Christmas break.

Ordinary scheme 3 December 2018
Fé phrainn scheme 7 December 2018
A1 on line scheme 14 December 2018
Change of name 7 December 2018
Re-registrations 7 December 2018
Company name reservations 19 December 2018

ANNUAL RETURNS - PEAK

If you filed your annual return recently, please ensure that your signature page is received in the CRO within 28 days of the date the B1 was filed. Your financial statements must be uploaded prior to receipt of the signature page in the CRO.

If you require assistance, please contact the relevant numbers/addresses below:

email eb1@dbei.gov.ie. Technical Helpdesk 01 8045374 or 01 8045355 or email electronic.filing@dbei.gov.ie  

or view Annual Return Filing webpage. General queries: info@cro.ie  or 01 804 5200 .

If you have still to file your annual return, you are requested to ensure that your correctly completed return is delivered to the CRO on-time. The only way of doing this is by filing online.

Companies and Presenters should ensure that they provide the correct email addresses to ensure they are alerted when their documents are sent back as they will no longer receive a letter or documents by post.

Once the B1 (Annual Return form) has been filed on CORE within 28 days of it annual return date, the Financial Statements must be uploaded as a PDF no later than the end of the second 28 days and BEFORE the signature page is delivered to the CRO.

If the 28 day filing period expires on a Saturday, Sunday or public holiday, the 28 day period is extended to the next working day. Payment must be made for an annual return online.


DO NOT LEAVE IT TO THE LAST MINUTE TO FILE YOUR ANNUAL RETURN

CRO regularly receives calls from presenters who miss their annual return filing deadline because (a) they encountered technical problems while attempting to submit their B1 electronically on the last day, or (b) they posted their documents to the CRO a day or two before their deadline and they were delayed in the post.

In light of the very serious consequences of late filing (ie late penalties and loss of audit exemption), CRO would exhort companies not to leave it to the last day to submit your B1 on-line as there is a risk that a temporary issue with your PC, your broadband service, web browser or server could prevent you from completing the filing on time.

Similarly, if you are sending documents to the CRO close to your filing deadline, CRO advises you to use a form of time guaranteed delivery service which provides proof of delivery. There are a number of providers offering this service (eg An Post's Express Post service). The 2014 Companies Act places the responsibility on the company itself for on-time DELIVERY of its annual return to the CRO. If an annual return is delivered late, the CRO has no discretion in relation to the application of penalties and loss of audit exemption. If you require further assistance please contact the Informtion Helpdesk on 01 8045200 or Locall 1890 220 226


2018 PEAK

2018 is the second year of mandatory efiling of company annual returns. This was another successful peak filing period with no technical issues
and higher compliance rates compared to previous years. To remain compliant presenters now need to follow through and complete the B1 filing process by
uploading financial accounts and delivering a signature page within 28 days of filing the B1.

Annual Return Date 30/09/2018
Form B1 Due Date 30/10/2018
Efiled and Received 21349
Efiling and Awaiting Signature 27702
97.8% of companies compliant submitting Form B1
Not Efiled by deadline 1095

What next?
To remain compliant and avoid late filing fees or loss of audit exemption presenters should ensure:

  • Correct financial statements are uploaded (max 5mb pdf)
  • Signature pages are signed and dated
  • All relevant documentation is delivered to the CRO within the 28 days after the B1 is submitted 

INVESTMENT COMPANIES ACCOUNTS

Form FS1
Investment companies and UCITS are required to submit financial statements to the CRO following the introduction of changes set out in the Companies (Accounting) Act 2017. Section 1401a Companies Act 2014 and Regulation 42a European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 refer.

The financial statements are required to be filed within 11 months of the financial year end. This financial year refers to any financial year which commenced on or after 1st January 2017. Form FS1 has a filing fee of €15. The form is available from the website.  PLEASE NOTE THAT any financial statements attached to a Form FS1 must be in a unbound scannable format and that they will be sent back if they are submitted in booklet format


PAYMENT RECORDS REPORTS

Form PR1
Under changes introduced in the Companies (Accounting) Act 2017, a Report of Payments to Governments is required to be submitted by certain companies under Part 26 Companies Act 2014. The reports are required to be filed within 11 months of the financial year end. This financial year refers to any financial year which commenced on or after 1st January 2017.  Form PR1 has a filing fee of €15. The form is available from the website. Please see webpage for more information


AUDIT EXEMPTION

Changes introduced in the Companies (Statutory Audits) Act 2018 mean that audit exemption is now lost for the following two years where an annual return is filed late and not in the current year. Section 363 Companies Act 2014 as amended by section 10 Companies (Statutory Audits) Act 2018. Section 10 of the 2018 Act was commenced on 21st September 2018 and applies with immediate effect.


RFS - NEW FORMS

Changes have been made to the forms provisions for all areas of the Registry of Friendly Societies (RFS). Changes have been made to the Industrial and Provident Societies forms as well as those for Friendly Societies and Trade Unions. Most changes are to the presentation of the forms. 


VOLUNTARY STRIKE-OFF

Please be aware:

  • Submission of form G1-H15 does NOT initiate the strike-off process or place the company on a Voluntary Strike-off listing.
  • Subsequent to the passing of the resolution stated on form G1- H15, there are further steps to be undertaken before a company can be removed from the register.
  • Form H15 (the formal application notice) is required to be submitted together with any other required documents (copy of advertisement, Revenue statement).

CENTRAL REGISTER OF BENEFICIAL OWNERS (RBO)

The Department of Finance has advised that the drafting of legislation to establish a central register of beneficial ownership is at an advanced stage and is expected to be concluded soon. It is intended that these transposing measures will be in place before year end.

This legislation is expected to assign separate legal responsibility to the Registrar of Companies for the establishment and maintenance of the central register of beneficial ownership of companies and industrial and provident societies (I&Ps).

It is envisaged that there will be an extended time-frame for companies and I&Ps to make their beneficial ownership filings which will commence after the anticipated launch of the register. Queries in relation to beneficial ownership can be sent to: aml@finance.gov.ie.

Statutory Instrument No 560 of 15 November 2016, which required all corporate and legal entities to hold adequate, accurate and current information on their beneficial owner(s) in their own register.  

Further information on the RBO can be found at: Beneficial Ownership webpage and a Template setting out the data expected to be required by the RBO is provided at https://bit.ly/2wAIXLU  

EU Fifth Anti-Money Laundering Directive (5AMLD) 

EU Directive 2018/843, the EU’s Fifth Anti-Money Laundering Directive (5AMLD), was adopted by the Council of the EU on 14 May 2018 and came into force on 9 July 2018 with an 18 month transposition period. The Department of Finance has advised that it is considering the implications of 5AMLD for the RBO and will provide a further update in the near future.

The full text of 5AMLD can be found from this external site and an updated version of 4AMLD is included here with changes made, Version incl changes in 5AMLD. Queries in relation to 5AMLD can be sent to aml@finance.gov.ie.  


Please login or register to post comments.

Theme picker