Local and foreign businessmen are allowed to make various changes regarding their Irish company. Once the procedure of company formation in Ireland is completed, the company’s details are not bound to remain the same, as various modifications can appear throughout the lifetime of a local company. Such changes are prescribed in the legislation regulating the activity of commercial entities, which can be detailed by our team of consultants in company registration in Ireland.
Some of the most common changes that can be brought to an Irish company refer to the following: changing the company’s registered name, changing the company’s registered office, modifying various provisions of the company’s statutory documents or even changing the company’s legal entity.
It is necessary to know that, from a legal point of view, any change that is made to an Irish company regarding the data that was registered with the Companies Registration Office (CRO) has to be transmitted to the institution, which will then update its entries regarding the respective business.
How can one change the office of an Irish company?
The registered office of an Irish company can be modified due to a set of reasons. For example, the company’s owners may need a larger office space or they have found a new location that better suits the interests of the company. It can also be related to the costs associated with running the respective office and many other relevant reasons.
One of the data that is recorded on each Irish company refers to the place where it has its registered office (all local businesses must appoint a registered office, this being one of the requirements for company formation in Ireland). A registered office is defined as a physical place for doing business, where the company develops its activities or where it can receive official documents, partners or the state’s authorities. In order to change the current registered office on an Irish business, investors should perform the following:
- • send a notice of change by completing the Form B2 with the CRO;
- • the document has to be submitted with the institution in a period of 14 days since the change of the registered office was made;
- • the document can be submitted on the online platform of the institution and there is no fee for the procedure;
- • it is legally required to perform this task once the office of the Irish company is modified;
- • provided that the company’s representatives do not inform CRO on the change, they can face various penalties.
What is a Registered Office Agent in Ireland?
Businessmen who want to change the registered address of an Irish business can also opt to have their registered office under the care of a Registered Office Agent (ROA). ROA is defined under the Companies Act, Section 50, and it refers to a legal entity in Ireland that has an official registered address, that was previously registered with the CRO and which can be used by other companies as their official legal address; our team of consultants in Irish company formation can provide more details on this subject.
Companies changing their registered office must provide information with the CRO, such as: the name of the agent, the address of the company and the same form presented above, Form B2. The company is allowed to change their ROA for various reasons, and this can be done each time by submitting the Form B2 with the institution.
What should one know on the Irish businesses?
Most of the Irish businesses are registered in the services sector (51%, at the level of 2017). From 2016 to 2017, the total number of businesses registered in Ireland increased by 8,5% and positive trends were observed across all business sectors. It is necessary to know that the level of employment also increased, Ireland being one of the European countries with the highest employment growth rates. Businessmen must also consider the following:
- • the highest number of employees hired by Irish companies was registered in Dublin, which accounted for more than 600,000 employees (at the level of 2017);
- • the number of employees increased compared to 2013, when it stood at approximately 564,000;
- • Cork is the second most developed Irish region, employing 139,217 employees in 2017;
- • businesses registered in Galway accounted for approximately 60,000 employees (in 2017);
- • in the same year, 45,4% of all the Irish employees worked in the services sector;
- • 23,6% of the Irish workforce is registered in the distribution sector.
At the level of the same year, the number of registered businesses in the financial services sector registered the highest growth on a year-to-year basis; businessmen are invited to contact our team of specialists in company formation in Ireland for in-depth assistance in opening a business in this country; our representatives can provide legal representation for various legal matters, including for various changes that can be brought to a local business.