Existing private companies and Companies Act 2014
Companies Act 2014 will impact on all existing companies registered in Ireland.
What will it mean for your existing Irish private company?
Existing Irish private companies limited by shares have a transition period to decide whether they wish to remain operating as a designated activity company, a DAC - as all existing private companies have a memorandum and articles of association this means that they have objects clauses that limit the powers of the company.
If they wish to remain a DAC they need to take action and make the necessary filings with the Companies Registration Office (CRO) by 31 August 2016.
The good news is that if existing Irish companies want to avail of the advantages of the new LTD company regime they can convert immediately to a LTD and make the necessary filings with the CRO.
The constitution filed can be customised to meet the specific requirements of the company. If a company wishes to file a new customised constitution this should be done by 30 November 2016.
If you would like assistance with converting your company please contact us to discuss your specific requirements.
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The material in this article is for general information purposes only and does not constitute legal or taxation advice. Specific legal and taxation advice should be sought before acting. All information and taxation rules are subject to change without notice.
No liability whatsoever is accepted by M. McLoughlin & Co. for any action taken in reliance on the information in this article