Brexit – Company Secretarial Countdown

With less than 100 days to go until Brexit, Susan McIntyre, Head of the Company Secretarial Group at Eugene F Collins outlines the following key points that companies may need to act on:

1. Under Irish Law, a company must have an European Economic Area (‘EEA’) director. The following options are available to achieve this:

• Appoint a new EEA director
• Obtain a two year bond from an insurance company which would pay fines or penalties incurred under Irish tax or company law up to the value of €25,000
• Apply to the Revenue Commissioners for a certificate reflecting that the company has a real and continuous link with an economic activity being carried out in the State

2. Consider alternative options where an Irish Company is availing of a UK parent company guarantee permitting them to file consolidated financial statements rather than filing the individual financial statements of the Irish company

3. Change of branch re-registration from EEA to non-EEA and consideration of additional filing implications

4. Consider restrictions if changing financial year when aligning with group companies

5. Incorporate an Irish entity to hold licenses