Make Haste While the Sun Shines
We are writing to you in respect of a very important deadline concerning the establishment of a Central Register of Beneficial Owners.
A new online portal went live to facilitate the uploading of information to a central register, www.rbo.gov.ie
There is a deadline expiring on 22nd November 2019, for compliance for existing companies from the date the central database went live.
A beneficial owner is defined as a person who owns in excess of 25% of a company, directly or indirectly.
It is important to note that the Central Register of Beneficial Ownership is separate and distinct from the Companies Registration Office and the annual filings that a company must make to the CRO.
- Companies should have created/must now create an internal register of their beneficial owners and ensure this is maintained and updated.
- In order to have populated, or to now populate, this Register, the company should have sent, or must now send, notices to persons whom they reasonably believe are beneficial owners, or to third parties who may be reasonably expected to know the identities of the beneficial owners
- This information must be subsequently uploaded through an online portal to the Central Register of Beneficial Ownership
- Non-compliance is a criminal offence and companies may be subject to fines of up to €500,000 if convicted on indictment. In addition, a beneficial owner who fails to comply with a relevant notice from the company may also be liable to a 12-month prison term.
- Name (these details must agree to the records held with the Department of Social Protection)
- Date of birth
- Residential Address (these details must agree to the records held with the Department of Social Protection)
- Details of nature and extent of interest held/control exercised by each beneficial owner
- Date on which the beneficial owner was first entered into the company’s internal register.
Ecovis Dca Ltd