No new banking facility without proof of beneficial ownership registration

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!

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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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