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CRO publishes guidance on the Register of Beneficial ownership

Companies and societies must file details of their beneficial owners in a new central register, the RBO.

Opening on 22 June 2019 with a deadline for filing of 22 November 2019.

A Statutory Instrument, No 110 of 2019 (“the Regulations”), to establish a Central Register of Beneficial Ownership of Companies and Industrial & Provident Societies (“the RBO”) was recently signed into law by the Minister for Finance.

This legislation provides for the appointment of a Registrar of Beneficial Ownership of Companies and Industrial & Provident Societies. The intention is that this function will be given to the Registrar of Companies.

 

Under the Regulations, all companies and industrial & provident societies (“relevant entities”) are obliged:

 

(a)   to obtain and hold details of their beneficial owners in an internal register (this legal requirement was introduced in November 2016 by SI 560 of 2016); and

 

(b)   from 22 June 2019, to register the company’s beneficial ownership details in the RBO.

 

The RBO will be open to accept on-line filings through the RBO website – www.rbo.gov.ie - from

22 JUNE 2019.

 

Relevant entities will have five months, until 22 November 2019, to file details of their beneficial owners in the RBO without being in breach of their statutory duty to file.

 

If a relevant entity fails to complete the required filing by 22 November 2019, it may be guilty of an offence under the Regulations which may result in the entity being prosecuted.

 

The definition of a beneficial owner includes the natural person(s) who, directly or indirectly, ultimately own or control more than 25% of the shares or voting rights or ownership interest in a relevant entity or through control via other means.

 

WHERE TO FIND INFORMATION ON THE RBO

Further information can be found at www.rbo.gov.ie. 

 

If the company/society cannot find an answer to a question in the FAQs on the website at https://rbo.gov.ie/faqs.html, they can send an e-mail to enquiries@rbo.gov.ie

 

For regular updates, please follow the RBO on Twitter at www.twitter.com/RBO_ie and on LinkedIn at www.linkedin.com/company/central-rbo/

The RBO will issue an e-mail or letter to every company and society about their filing obligations in the period from late-May to early-June 2019.