Brexit – Compliance Updates

PUBLISHED: 1st February 2021

Photo to illustrate article https://www.lkshields.ie/images/uploads/news/Web_Cosec_Brexit.png.

UK Resident Directors

The Brexit transition period ended on 31 December 2020.  Following the expiration of the transition period, UK resident individuals and UK resident companies are no longer resident in the EEA. 

The EEA residency requirements have significant implications for many Irish companies and action should be taken now ensure compliance with Irish legislation.

Section 137 of the Companies Act 2014 requires that all Irish companies appoint at least one EEA resident director.  Existing companies with directors that are all resident in the UK should act now. Any UK companies considering setting up a company in Ireland must also comply with the EEA resident director requirement.

For more information on the impact of Brexit on corporate governance, please see Brexit: Review Governance of Companies before 31 December 2020.

Branch Registration

Following Brexit, the registration and compliance process in Ireland for branch companies of UK registered companies will cease to fall under the current EEA company requirements as set out in Part 21 of the Companies Act 2014.

The non-EEA company requirements will need to be applied for both the registration and the ongoing compliance requirements of new and existing branch companies of UK parent companies under Section 1304 of the Companies Act 2014.  Irish branches of UK companies already registered in Ireland will not need to re-register.

Do you require further assistance?

Please do not hesitate to contact a member of our Company Secretarial Team if you require further information about your annual return or other company secretarial matters.

Elaine Hughes at ehughes@lkshields.ie

Liam Boyle at lboyle@lkshields.ie

Colm Hanley at chanley@lkshields.ie

Amy McLoughlin at amcloughlin@lkshields.ie  

To subscribe to our news, insights and events click here.

By using this website you allow us to place cookies on your computer. Our cookies do not personally identify you.