Brexit – Company Secretarial Countdown

29 September 2020

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

For further information please contact Susan McIntyre, Head of Company Secretarial or Deborah Kelly, Partner and Head of Corporate at Eugene F Collins.

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