Mandatory Beneficial Ownership Registration

Companies and Beneficial Owners that do not comply with the new regulations below could be facing a class A fine on summary conviction; or on indictment to a fine up to €500,000

What is the RBO?
A new Statutory Instrument has been passed to establish a Central Register of Beneficial Ownership (RBO) for Companies and Industrial & Provident Societies. The intention is that this function will be given to the Registrar of Companies.  This Central Register will come into operation on 22 June 2019.  You may already have heard about your filing obligations directly from the RBO.

What does this mean for you? 
The instrument (Statutory Instrument No.110 of 2019), requires all corporate and legal entities to hold adequate, accurate and current information on their beneficial owner(s), not only in their internal register, but also in a new Central Register.  Failure do so by 22 November 2019 for all beneficial owners could result in a fine up to €500,000.

Does this sound like a lot of work?

We can set up the Central Register for you, add the necessary beneficial owners, and maintain your internal and central register on your behalf.

Provisional Pricing structure

  • €100 – company with 2 beneficial owners
  • €20 – charge for each additional beneficial owner
  • Call to confirm price.

For further information, please ring us on 021-4321799 or email
secretarial@paulodonovan.ie

If you would like us to complete the RBO on your behalf, please register your interest as soon as possible.

Complete this form

A beneficial owner is an individual who owns or controls directly or indirectly: –

  • more than 25% of the shares;
  • more than 25% voting rights;
  • more than 25% ownership interest; or
  • can control the company via other means.

 

Information which will be available for public access:-

  • Name
  • The month and year of birth
  • Country of residence
  • Nationality
  • A statement of the nature and extent of the interest held, or the nature and extent of control exercised by, the beneficial owner.

For further information on the RBO, please see their faqs page here.
For further information from the CRO, their website is here.