5 November 2015

New website launched

Visit http://www.nolan.ie to see the new site - while not entirely complete, it's getting there with the aim to have a more mobile focused site.

7 May 2015

Company Formation Deadline in Advance of the New Companies Act

The New Companies Act 2014 will come into effect on 1st June and in advance of this the CRO have announced deadlines for filing incorporations, change of name or re-registrations under the existing Act.

  • For those using the Fé Phrainn A1 Online Scheme for incorporations, the deadline is Wednesday 20th May
  • For Change of Name and Re-Registrations the deadline is Monday 18th May
In light of this, anyone wishing to incorporate a company through our Company Service website will need to submit their order this week in order to ensure that it will be received by the CRO before the deadline. We will attempt to process orders received after this week but in those cases we cannot guarantee submission before the deadline. 

28 April 2015

Companies Act 2014 - what's new for accountants

Conference about companies act changes for accountants just getting underway at chartered accountants house in Dublin.

Speakers include Ms. Maureen O'Sullivan, the current registrar from companies registration office, a representative fron the director of corporate enforcement, Deloitte and chartered secretaries.

Check back later for a summary of highlighted issues.

16 April 2015

Companies Limited by Guarantee and the Irish Companies Act 2014

Irish charities are facing a whirlwind of change in 2015 with the implementation of the Charities Act 2009, and all small charities are also wondering how the new Companies Act 2014 will affect them. Irish charities tend to be companies limited by guarantee and we've outlined below certain issues to watch for when the new act is implemented in June 2015.

As a result of the many changes in the new Companies Act, the regulations concerning companies limited by guarantee (CLG) have been streamlined and clarified, and in some cases certain restrictions have been relaxed. The act will come into effect from the 1st of June 2015, with a transition period lasting 18 months (thus ending 31st November 2016). As an existing or prospective director or member, here are some of things you may need to know:
Company Limited By Guarantee
New CLG Company Limited by guarantee
  • The company name must end with ‘Company Limited by Guarantee’ or ‘Cuideachta faoi Theorainn Ráthaíochta’ (which can be abbreviated to CLG/C.L.G. or CTR/C.T.R.), unless an exemption is obtained from the CRO (existing exemptions will be upheld).
  • Such an exemption is obtainable where:
    • The objects of the company (its intended activity or purpose) are “the promotion of commerce, art, science, education, religion, charity or any other prescribed object”
    • The constitution requires that profits or other income be applied to the promotion of its objects and not distributed to its members
    • And, on the winding up of the company any assets must be transferred to another company with similar objects
  • Existing CLG with names ending in ‘Limited’ or ‘Teoranta’ will retain these for the transition period, but will have them changed by the CRO afterwards (31st November 2016) to end with ‘Company Limited by Guarantee’ or ‘Cuideachta faoi Theorainn Ráthaíochta’ respectively.
  • A single document Constitution will replace the Memorandum and Articles of Association of the company. However, in the case of existing CLG, the new form of Constitution contains the Memorandum and Articles of Association within it, and it will not be necessary to create a new Constitution so long as the existing Memorandum and Articles of Association does not conflict with any of the provisions of the new act.
  • The objects of the company must still be stated in the Memorandum section of the Constitution, but there is no longer a need to state every potential activity. It is sufficient now to amend the following statement to its primary objects: “…and the doing of all such other things as are incidental or conducive to the attainment of the above object.”

8 April 2015

Momentum Summit 2015

Dublin Chamber of Commerce are hosting a Conference focused on SME's in Ireland on the 15th of May, 2015 with a number of interesting speakers. The event will be held at the Aviva stadium and target small companies looking to grow, network and build a competitive edge.

Further information at Event Bright here and the official Momentum Summit 2015 website here.

2 April 2015

The New Companies Act 2014 and what you need to know as a director.

Company law in Ireland is changing. A New act being brought in a transition period from June 2015 – November 2016, will replace the last 52 years of company law in Ireland. For company owners and directors  It will be required to "convert" the company to a new format, and replace the original memorandum and articles of association with a constitution. The "new" limited company model allows for one director companies among other changes discussed below.
Companies Act 2014
Companies Act 2014

Companies Act 2014

‘New’ Limited Company Model being introduced
  • It may have just one director, but it must have a separate secretary if it has only one director
  • It does not have stated objects. It has a one-document constitution which replaces the need for a memorandum and articles of association.  It will not have an objects clause because it has full unlimited capacity to carry on any legal business, subject to any restrictions in other legislation
  • Its name must end in ‘Limited’ or ‘Teoranta’ (this can be abbreviated to Ltd. or Teo.)
  • It is a private company, it has limited liability and has a share capital. It does not need to have an authorised share capital
  • It does not need to hold an AGM
  • Existing limited companies (EPC) will automatically transition to this model at the end of the transition period, 31st November 2016.

Designated Activity Company (DAC)

  • It must have at least two directors
  • It has stated objects for which the company was incorporated. It has a constitution document which includes a memorandum and articles of association
  • Its name must end in ‘Designated Activity Company’ or ‘Cuideachta Ghníomhaíochta Ainmnithe’ unless qualified for an exemption (can be abbreviated to DAC/D.A.C. or CGA/C.G.A.)
  • It is a private company and has limited liability. It has a share capital, or is limited by guarantee with a share capital. It must have an authorised share capital
  • It is required to hold an AGM
  • Existing limited companies will be treated as this model during the transition period, but will need to apply by 31st August 2016 if they wish to transition to this model permanently. Otherwise they will automatically be converted to the new Limited model at the end of the transition period (31st November 2016).

26 March 2015

Companies Act 2014 - Frequently asked questions information leaflet

The companies Registration office has released an information leaflet detailing frequently asked questions of the new companies act which is being brought into force on the 1st June 2015.

It includes information on changing to new company models e.g. DAC (Designated activity companies) and new LTD company (allowing one director companies for the first time).

Click here to download the information leaflet