The timing may be tough but failing to file beneficial ownership details will be much tougher!

Just to add to the joy of working from home and all its attendant pleasures companies are now starting to receive notices of non-compliance for failing to file beneficial ownership details with the Central Register of Beneficial Ownership!

The timing may be tough but failing to file beneficial ownership details will be much tougher.

All companies incorporated in Ireland must file beneficial ownership details with the Central Registry. Failure to comply is an offence leaving both the company and its directors liable to:

(a)       on summary conviction                       Class A fine (up to €5,000); or

(b)       on conviction on indictment                 Fine not exceeding €500,000.

If you do nothing else this week at least check if your company has filed, and if not, get the ball rolling asap.

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Annual Return – Filing deadlines extended

During current Phase 5 restrictions the Companies Registration Office (CRO) have extended filing deadlines for all companies with an Annual Return Date (ARD) from 30^th September 2020.

This means that any company with an ARD which falls on or after 30^th September 2020 does not have to file the original signature page in the CRO until 26^th February 2021.

Do not get carried away though until you have had a chance to consider the following points.

• Annual Return must be filed electronically.
• Financial Statements must be filed electronically.
• Filing fee must be made when submitting the original signature page of the Annual Return.
• The signatures of both the Director and the Company Secretary must be made on the same page.
• CRO are currently only accepting postal submissions so relying on being able to make a courier delivery in February is risky.

Companies with an ARD up to 29^th September 2020 had to have filed everything (i.e. Annual Return, Financial Statements, filing fee and original signed page) by 31.10.2020. Any company that has missed this deadline for whatever reason now faces, at a minimum, loss of its audit exemption and automatic imposition of penalty filing fees by the CRO.

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