Now that the commencement order for The Companies Act 2014 has been signed and The Companies Registration Office have clarified incorporation timelines we can lay out your options for new company incorporations during May 2015.
(Check out my blog on the Commencement of the Companies Act 2014)
As you know The Companies Act 2014 is introducing a number of new company types. Once these are introduced on the 1st of June 2015 no companies can be incorporated under the old regime or using the old forms. This also affects companies where the formation process started well before the 1st of June 2015.
FINAL DATE for Submission Under the Existing Regime
The Companies Registration Office confirmed that the final date they will accept new company submissions under the current regime is the 20th of May 2015. This is to ensure that they can clear the backlog before midnight on 31st of May. Based on these timelines we will need completed formation documentation returned to us before 12:00 noon on Monday the 18th of May if we are to meet the CRO’s deadline and have a company incorporated before 1st of June under the current regime.
What Incorporation Options Do Your Clients Have?
1. Your Normal Method
If you are confident that your clients are available to sign the forms and if you are in a position to have everything returned to us by 12:00 noon on the 18th of May then we can proceed with a normal formation. Please note that any delays will result in all existing forms being discarded. New forms will have to be created under the 2014 Act, the forms resigned and submitted after the 1st of June. Please also note that if there are any errors in the documents being submitted to the CRO or if there is a name conflict with an existing company on the register then the process will have to start from scratch under the new regime and be submitted to the CRO after the 1st of June 2015. Incorporation Fee - €251 inclusive of VAT.
OmniPro can act as initial Directors, Secretary and Shareholders and we will resign upon incorporation. This means that we can process new companies right up until the deadline of the 18th of May. This minimises the risk of delays and resigning documentation for your clients. Incorporation Fee - €281 inclusive of VAT.
3. Companies Act 2014 – New Company Formation
Types Documentation and forms will be created under the Companies Act 2014 and distributed for signing by your clients. Once returned to us we can submit to the CRO after the 1st of June. This will mean that your clients will be among the first companies incorporated under the new regime in Ireland. Incorporation Fee - €251 inclusive of VAT
Our Gift To You – Free Conversion!
For all companies incorporated between the 7th of May and 31st of May 2015, we will undertake a free standard converstion to the new model Private Limited Company within 3 months of the implementation of the Companies Act 2014.
(Check out my blog on theConversion Options and Why Doing Nothing is Not an Option)
This article has been written for information and educational purposes only and does not constitute a subsitute for taking legal advice. When making decisions or advising thrid parties legal advice should be obtained in all cases. This is an interpretation of the legislation of which many aspects have not been practically applied. This interpretation may differ from the interpretation of others. OmniPro and the author shall therefore not be liable for any damage or economic loss occasioned to any person acting on, or refraining from any action, as a result of or based on the material contained in this article.