BREXIT – Is your company prepared?
As we are approaching the final days of Brexit negotiations it is a likely possibility that the United Kingdom (“UK”) will be leaving the European Union (“EU”) on 29 March 2019. At that point, any company incorporated in the Republic of Ireland (the “State”) and currently relying on UK resident Directors to meet EEA residency requirements will be in breach of the Companies Act 2014 (“CA2014”).
To date there are no indications to amend this requirement, therefore, if your company currently relies on director(s) resident in the UK, now is the time to start thinking about what can be done to ensure your company remains compliant with the CA2014.
What are the options?
- Appoint an EEA resident director
- Non Resident Director Bond can be put in place
- Obtain a certificate of “real and continuous link” from the CRO (s.140 CA2014)
See link to further information: EEA Resident Director Requirement