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Company Act in Ireland

Updated on Friday 10th February 2017

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Legislation related to company registration in Ireland

The main legislation related to company incorporation in Ireland is the Companies Act. The first Companies Act was enabled is 1963 and ever since it went through several changes in order to modernize the infrastructure of business entities and to provide a modern and flexible approach to the registration procedure. The Irish Companies Act was last updated in 2014 and enabled in 2015.

For company registration procedures under the provisions of the new Commercial Code you can refer to our specialists in company formation in Ireland.

Types of companies under the new Irish Companies Act

One of the most significant amendments brought to the Companies Act is the introduction of new types of companies. These amendments were enabled in order to attract more foreign investors to Ireland. Privately owned limited liability companies will be required to change their status into one of the following new types of companies:

  • -          private companies limited by guarantee,
  • -          private limited companies limited by shares,
  • -          designed activity companies.

The new Companies Act establishes new requirements for each type of Irish company listed above. These requirements are more flexible than the ones provided by the old Commercial Code. You can ask our experts in Irish company formation matters what the requirements for each new type of company are.

Other changes brought to the Irish Companies Act

The new Companies Act also establishes new requirements for company directors in Ireland. The new Commercial Code refers to the fiduciary duties of directors in Ireland. Among these are:

  • -          acting in good faith,
  • -          being honest and responsible,
  • -          acting according to the Irish company’s constitution,
  • -          avoiding any conflicts with other peers,
  • -          acting in the best interest of employees.

With respect to accounting requirements, the new Companies Act requires all Irish public companies to prepare an annual compliance statement. Also, under the new Commercial Law, Irish private companies are required to appoint a qualified company secretary.

For complete information about the contents of the new Companies Act and help with their implementation you can contact our consultants in company registration in Ireland. You can also ask for accounting services to our Irish agents.

 

 

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