CRO Newsletter - Issue 186 - 3rd December 2018

CHRISTMAS/NEW YEAR - PUBLIC COUNTER OPENING HOURS

Because of the disruption caused to services over the holiday period, annual returns, where the deadline for filing falls between Monday 24th December 2018 and Wednesday, 2nd January 2019, (both dates inclusive), will be treated as received on time if submitted electronically by midnight on Wednesday, 2nd January 2019. 

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.

Exemption of suffix from company name - reminder

This exemption applies only apply to Designated Activity Companies and Companies Limited by Guarantee and only in specific circumstances.

Please note that if a company wishing to avail of the exemption also intends to seek charitable status from Revenue, the main object of the company must be charitable and a specific clause must also be inserted in its memorandum of association. Please see Information leaflet 24. Please see wording agreed with Charities Regulator on model constitutions.  
 
 
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, can be found at Irish Statute Book Website. 

Further information on the RBO can be found on 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 at EU website, and an updated version of 4AMLD, incorporating the changes in 5AMLD is available. Queries in relation to 5AMLD can be sent to aml@finance.gov.ie