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Finlay-Mulligan & Co Client Support: Brexit

FMCo. have focused on one key topic that is arising to foreign controlled companies namely UK controlled.

Due to Brexit, the UK is now a non EEA state. This means that UK owned companies with Irish subsidiaries must have at least one EEA resident director or pay a bond of €25,000 to the state.

Alternatively if the company applies and is successful being granted a Section 140 certificate from the Registrar of Companies, it no longer requires an EEA resident director or bond. This certificate is only granted to companies who prove it 'has a real and continuous link with one or more economic activities being carried out in the state'. Companies should then complete and file a B67 form with the Companies Registration Office.