Register of Beneficial Owners from 26th June 2017

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From 26th June 2017 the Companies Registration Office will be tasked with maintaining the Central Register of Beneficial Ownership of Corporate and Other Legal Entities.

This follows on from the requirement for companies, including companies limited by guarantee, and certain other entities to create and maintain a Register of Beneficial Owners.

What implication has this for your business?

• Companies must create a Register of Beneficial Owners of shareholders holding in excess of 25% of the issued share capital.
   
• A notice must be sent to persons who are reasonably believed to be Beneficial Owners and/or third parties who may reasonably be expected to know the identities of beneficial owners
   
• Upon confirmation of the beneficial owners, the details are entered in the Company's Register of Beneficial Owners
   
• Where Beneficial Owners cannot, after all reasonable efforts, be identified, the names of the 'senior managing officials' i.e. Directors must be entered
   
• From 26th June 2017 this information must be sent to the newly appointed Registrar of Beneficial Ownership of Companies and Industrial and Provident Societies
   
• The information can only be sent electronically through a yet to be released online portal
   
• You must have complied with this within three months i.e. by 26th September 2017
   
• Noncompliance is a criminal offence and subject to fines of up to €5,000 against the company and/or non-responsive beneficial owners. Test prosecutions are expected

Contact Deirdre McDermott to find out more about the Register of Beneficial Owners or about our tax and accounting services.

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