What Qualifiction does a Company Secretary Need?

Company Secretary Qualifications

The secretary of a private company is not required to have any formal qualifications. However, the directors must take all reasonable steps to ensure that the secretary has the skills necessary to discharge his/her statutory and other legal duties and such other duties as may be delegated to the secretary by the directors. Directors of a public limited company must take all reasonable steps to ensure that the secretary is a person who appears to them to have the requisite knowledge and experience to carry out the functions of secretary and who: for at least three […]

Details required to be displayed on a Limited Company’s Website

Website

Every limited liability company which has a website is required to display the following: The name and legal form of the company The place of registration of the company and the number with which it is registered The address of the registered office of the company In the cast of a company exempt from the obligation to use the company type (Companies Limited by Guarantee/Designated Activity Companies) as part of its name, the fact that it is such a company In the case the company is being wound up, the fact that it is being wound […]

Mandatory Electroinc Filing with the Companies Registration Office

CRO

From 1 June 2017, it will be mandatory to file with the Companies Registration Office (CRO) the following forms electronically: B1- Annual Return (including financial statements and electronic payment) B2- Change of registered office B10- Change of Director and/or Secretary or in their particulars B73- Nomination of a new annual return date The signature page for the Form B1 must be printed, signed by the officers of the company and delivered to the CRO. Paper forms and paper financial statements filed after 1 June 2017 will be returned and if this results in the Annual Return […]

What You Need to Know If You’re Overseas and Thinking of Forming a Company in Ireland?

IrelandLtd

The economy in Ireland is recovering well from the 2008 crash. And as a result, Ireland is attracting significant foreign investment. If you’re overseas and thinking of forming a company in Ireland, what do you need to know? Getting a registered office address You can go through the legal process of setting up a company in Ireland from anywhere in the world provided that you can supply a registered office address in Ireland. The registered office address is the legal address for the company. Many company formation specialists can provide a temporary registered office address to […]

Companies Act 2014 – Directors Loans

Comapnies Act 2014

The Companies Act 2014 made some key changes to director’s loans. One such, as we previously indicated in an article in July 2015, is that the Act provides that loans between a company and a director or other connected person must be fully documented. Loans Made By The Company To The Director Any loan that a company makes to a director or connected person must be fully documented in writing. If not, it will be presumed that the loan is repayable on demand and that an “appropriate rate” of interest applies. Even where the loan does […]

Retain Audit Exemption By District Court Application

Comapnies Act 2014

The Companies Act 2014 will allow a District Court application for companies that have missed the filing deadline for filing the annual return and financial statements. This will eliminate the need to pay late filing penalties and for most companies retain audit exemption. The company can make an application to the District Court seeking an order extending the time for filing the annual return and the financial statements. If granted by the Court, the company must file the order with the CRO within 28 days and then file the annual return and the financial statements with […]

COMPANIES ACT 2014 – AUDIT EXEMPTION AND FINANCIAL STATEMENTS

Comapnies Act 2014

The audit regime has been made easier as under the Companies Act 2014 audit exemption is now available to small companies, parents and subsidiaries in small groups, companies limited by guarantee, certain unlimited companies and dormant subsidiaries. The qualifying criteria for a small company are satisfied by a company in relation to a financial year in which it fulfils 2 or more of the following requirements:       Small Company Thresholds       Turnover   €8.8 million Balance Sheet   €4.4 million Average No. Employees   50   Unfortunately a company loses ‘small’ status […]

COMPANIES ACT 2014 – DIRECTORS’ LOANS AND UNLIMITED LIABILITY

Comapnies Act 2014

LOANS TO DIRECTORS Under the Companies Act 2014 loans, quasi-loans or other arrangements, such as entering into a transaction as a creditor on behalf of the director of the company or of its holding company, or providing guarantees or any other security in connection with a loan, quasi-loan or credit transaction, are prohibited to directors or parties connected to directors except under the following circumstances: The value of the arrangement is less than 10% of the company’s relevant net assets as determined by its latest statutory financial statements as laid before its AGM. Where the company’s […]

COMPANIES ACT 2014 – OFFENCES AND PENALTIES

Comapnies Act 2014

Under the Companies Act 2014 four Offence Categories have been established with associated penalties for each category. Category 1 offences can result in imprisonment for up to 10 years and/or a fine of up to €500,000 on conviction on indictment or on summary conviction imprisonment for not more than 12 months and/or a fine not exceeding €5,000. Category 2 offences can result in imprisonment of up to 5 years and/or a fine of up to €50,000 on conviction on indictment or on summary conviction imprisonment for up to 12 months and/or a fine not exceeding €5,000. […]

COMPANIES ACT 2014 – STRIKE OFF AND WINDING UP

Comapnies Act 2014

Liquidators must now be qualified to act and the Companies Act 2014 sets out the qualification provisions. Voluntary strike off is now given statutory recognition and members must pass a special resolution to apply to have the company voluntarily struck off the Register of Companies in the Companies Registration Office. To petition the High Court to have a company wound up, a creditor must have an undisputed debt of at least €10,000. The Act also establishes the grounds to strike off a company, which includes a provision that where a company is wound up and the […]

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