5 November 2015
7 May 2015
- 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
28 April 2015
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
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:
|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
Further information at Event Bright here and the official Momentum Summit 2015 website here.
2 April 2015
|Companies Act 2014|
- 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.
- 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
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