There are a set of changes that can be applied to an Irish company, once it was registered here and started its business operations. Throughout its activity, a company might need to modify a set of aspects – for example, it can change its official business address, but in this case it will be necessary to announce the local authorities of the modification.
Other changes can refer to the company’s shareholding structure; for instance, this can refer to the company’s directors or to the initial structure regarding the company’s ownership share. Businessmen who want to open a company in Ireland should also know that the legal entity under which the company operates can be modified, by following a more complex procedure.
The need to modify the legal entity of a business is generally given by the fact that the current business form is no longer advantageous for a company; this can happen when starting a sole trader which expands throughout the years.
In this case, it is recommended to protect the assets of the company under a type of company that marks a clear distinction between the owner and the business, which is not the case in the situation of a sole trader; regardless of the type of change that can arise during the lifetime of an Irish business, investors can easily request for professional advice from our team of consultants in company formation in Ireland.
How can an Irish company modify its address?
As mentioned earlier, one of the changes that can be brought to an Irish company refers to the company’s official address. In the situation in which this applies, the company is legally required to notify the competent authorities, by filing a notice. It is necessary to know that the company’s official address has to be represented by a physical place.
When modifying the company’s business address, the company’s representatives will need to notify the Companies Registration Office (CRO), by submitting the Form B2 in a period of 14 days since the company’s office was changed. It is compulsory to do so and investors can easily announce the CRO on the change, due to the fact that this information can be updated on the online platform of the institution.
How can a business in Ireland change its legal entity?
The manner in which an Irish company can change its legal entity is prescribed by the latest version of the Companies Act (modified in 2014). The procedure can be found under the Section 1285 of the document and can be detailed by our team of specialists in company registration in Ireland. Some of the most common aspects regarding this subject are the following:
- • an Irish company can be changed from limited to unlimited company, from private to public company, from a business registered as a company limited by shares to one limited by guarantee and so on;
- • in order to modify the legal entity of a local company, it is necessary to submit the Form D20;
- • this document is required regardless of the type of company that will be selected for an existing Irish business form;
- • it is also necessary to know that if the company operating under its initial business form was involved in any type of legal proceedings, the respective lawsuit will continue under the new structure selected by the investors.
Can an Irish company change its trading name?
Yes, any local business is allowed to change its trading name; in order to do so, it is necessary to verify if the new proposed company name is available on the Irish territory. If so, the applicant company can file the Form G1Q with the CRO. Furthermore, it is also requested to provide an amended version of the company’s statutory documents, and our team of consultants in Irish company formation can assist with more details on the procedure.
In order to change the company’s name, the members of the company have to sign a special resolution, which then needs to be approved by the company’s directors, through the director board’s minutes. In the situation in which the procedure is successful and the company’s new name is approved by the CRO, the Irish company has the legal obligation of announcing any third party on the modification.
This includes any other Irish institution, such as the Revenue Commissioners, as well as the banking institution where the company has set up its account, the company’s clients and partners. More importantly, it is necessary to update any documents used by the company, by adding the new trading name on the company’s website, in the e-mail signatures, business cards and others. Businessmen are invited to contact our team of specialists, who can provide advice on any other matter related to the changes that can be made to an Irish company.