{"id":7331,"date":"2015-06-02T09:54:03","date_gmt":"2015-06-02T08:54:03","guid":{"rendered":"https:\/\/bigredcloud.com\/?p=7331"},"modified":"2022-01-27T12:05:34","modified_gmt":"2022-01-27T12:05:34","slug":"the-companies-act-2014-ireland","status":"publish","type":"post","link":"https:\/\/bigredcloud.com\/en\/the-companies-act-2014-ireland\/","title":{"rendered":"The Companies Act 2014 Ireland"},"content":{"rendered":"<hr \/>\n<p>&nbsp;<\/p>\n<p>Ten years in the making,<a title=\"The Companies Act 2014\" href=\"https:\/\/www.oireachtas.ie\/en\/bills\/bill\/2012\/116\/\" target=\"_blank\" rel=\"noopener noreferrer\"> the Companies Act 2014<\/a> came into effect on June 1st and standing at\u00a01,448 sections and 17 schedules, and covering more than 1,100 pages of text, it was the largest single piece of legislation ever to come before the D\u00e1il.<\/p>\n<p>The purpose of today&#8217;s blog is draw your attention to the Act and also to point out that it will affect all companies incorporated under Irish law, in particular private limited companies.<\/p>\n<p>The new Act does not present an entirely new set of laws as many of the provisions are merely a restatement of the current law. However, there are\u00a0a number of changes and some new provisions.<\/p>\n<p>According to the CRO office the new Act is being introduced to:<\/p>\n<ul>\n<li>Modernise and simplify company law<\/li>\n<li>Reduce administrative burden on business<\/li>\n<li>Ensure good corporate governance<\/li>\n<\/ul>\n<p>With that said, what actually does this mean for small businesses? The CRO\u00a0lists the following:<\/p>\n<ol>\n<li>It will bring changes in legislation which will affect every company<\/li>\n<li>All existing Private Companies Limited by Shares will be required to change\u00a0to a new Company Type<\/li>\n<li>All CRO forms will change from 1st June 2015<\/li>\n<li>Old forms will no longer be accepted after this date<\/li>\n<li>New forms should not be submitted prior to 1st June 2015<\/li>\n<li>Draft forms are available on the CRO website \u2013 www.cro.ie<\/li>\n<li>Conversion forms will be free of charge<\/li>\n<\/ol>\n<p>One of the key requirements of the Act is the change of company type. Private limited companies as presented in previous company law are to be phased out with immediate effect. The Act presents three choices:<\/p>\n<ol>\n<li>To convert to the new simplified type of private company &#8211; <strong>Company Limited by Shares (LTD)<\/strong><\/li>\n<li>To convert to the new company most like existing private limited companies &#8211; <strong>Designated Activity Company (DAC)<\/strong><\/li>\n<li>to convert to another type of company<\/li>\n<\/ol>\n<p>The main differences between LTD and DAC are listed below.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-7347 size-large aligncenter\" src=\"http:\/\/bigredcloud.com\/wp-content\/uploads\/2015\/06\/LTD-V-DAC-1024x406.png\" alt=\"chart\" width=\"1024\" height=\"406\" srcset=\"https:\/\/bigredcloud.com\/wp-content\/uploads\/2015\/06\/LTD-V-DAC-1024x406.png 1024w, https:\/\/bigredcloud.com\/wp-content\/uploads\/2015\/06\/LTD-V-DAC-300x119.png 300w, https:\/\/bigredcloud.com\/wp-content\/uploads\/2015\/06\/LTD-V-DAC-768x305.png 768w, https:\/\/bigredcloud.com\/wp-content\/uploads\/2015\/06\/LTD-V-DAC.png 1339w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>Please check with your accountant to choose the company type most suitable to your particular situation. The new Act allows 18 months from 1 June 2015 until 31 December 2016 to make the required change to either a LTD or DAC. As mentioned above, there is no charge for the conversion process but it is recommended that you make the regulatory change as soon as possible.<\/p>\n<p><strong>Please note:<\/strong> As a company director you should have received a written communication from the CRO detailing the effects of the new Act. <a title=\"CRO Information for Company Directors\" href=\"https:\/\/www.cro.ie\/Portals\/0\/Directors%20Flyer%20Final.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Please find the a copy of that communication here.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Ten years in the making, the Companies Act 2014 came into effect on June 1st and standing at\u00a01,448 sections&#8230;<\/p>\n","protected":false},"author":6,"featured_media":8745,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[69],"tags":[],"class_list":{"0":"post-7331","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-accounting"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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