Companies Act 2014 Summary 

Private Limited Companies  

• Conversion to Limited (“LTD”) or Designated Activity Company (“DAC”)
• New Constitutions
• Audit exemption for groups
• Directors’ Compliance Statement for those with turnover > €25 million and gross assets > €12.5 million
• Audit Committees required for those with turnover > €50 million and gross assets > €25 million
• Change to accounting year end restricted
• Additional disclosures in the financial statements and abridged financial statements
  Summary Approval Procedure introduced for certain transactions
• Domestic mergers now permitted
• Clarification of location of directors’ meetings
• Directors’ duties enhanced.

Private Unlimited Companies  

• Change of name to include “Unlimited Company”
• New Constitutions
• Change to accounting year end restricted
• Additional disclosures in the financial statements
• Audit Committees required for those with turnover > €50 million and gross assets > €25 million
• Clarification of location of director meetings
• Directors’ duties enhanced.

Companies limited by guarantee 

• Change of name to include “Company limited by guarantee”
• New Constitutions
• Audit exemption 
• Directors’ Compliance Statement for those with turnover > €25 million and gross assets > €12.5 million
• Audit Committees required for those with turnover > €50 million and gross assets > €25 million
• Change to accounting year end restricted
• Additional disclosures in the financial statements
• Clarification of location of directors’ meetings
• Directors’ duties enhanced.

Public limited companies 

• Directors’ Compliance Statement
• Audit Committees required for those with turnover > €50 million and gross assets > €25 million
• Change to accounting year end restricted
• Additional disclosures in the financial statements
• Summary financial statements may be issued to members
• New company secretary requirements.

Place of Business 

• Concept now abolished
• If sufficient substance, must register as a branch.

Branch  

• Only external limited entities required to register a branch in Ireland.