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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.

How can Deloitte help?

Deloitte Ireland Tax, Risk Advisory and Company Secretarial have developed a compliance tool which is questionnaire based and implemented via a workshop which provides clients, in the first instance, with an assessment of their existing readiness to make the Directors’ Compliance Statement. The tool also provides guidance to the areas that may require remediation and gives the client an opportunity for our Risk Advisory team to develop a remediation programme.

Related links

Link to Deloitte Legal Services

Companies Act Assessment Cube 

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