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We recently incorporated a new company that found itself unable to open a new banking facility until it had provided proof that it had filed on the Registry of Beneficial Ownership. This was despite the fact that it had another 5 months to file beneficial ownership details (all newly incorporated companies have 5 months from incorporation to file). Increasingly, financial institutions are making beneficial ownership part of their due diligence process so companies shouldn’t neglect to file or neglect to keep their beneficial ownership details up to date. You have been warned!
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.
The deadline for filing Benficial Ownership details in the Central Beneficial Ownership Register is the 22nd of November, 2019. KomSec would advise clients not to leave registration until the last minute as a rush of registrations could cause a system overload in the Companies Registration Office (which is handling filings on behalf of the Registrar of Beneficial Owernship). It should also be remembered that the 2019 legislation increased the sanctions substantially from those provided for in the 2016 legislation. A company who breaches the Regulations may now be liable to a class A fine (currently up to €5,000) or, on indictment, a fine not exceeding €500,000. In addition to these fines, custodial sentences of up to 12 months can be imposed. You have been warned!
Further details can be obtained by contacting KomSec or accessing the Central Register website at https://rbo.gov.ie/
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