The Companies Act 2014 contains a number of significant changes to company law in Ireland including changes to the types of private companies limited by shares.
Amongst some of the changes that the Act brings into Corporate Law:
- Single Director Companies will be permitted once a separate Company Secretary is appointed.
- Need for a ‘physical’ Annual General Meeting (AGM) will be dispensed with, providing this is agreed with the shareholders.
- Memorandum of Association and the Articles of Association will now be replaced by one single document, a Company Constitution.
- There will be an 18 month transition period where clients will need to re-register an existing private company as either a private Company Limited by Shares (CLS) or a Designated Activity Company (DAC). If no action is taken then the company will automatically be deed to be a CLS, and the new Constitution will comprise of the current Memorandum of Association and the Articles of Association.
The new Companies Act will ultimately make it easier for Limited Liability Companies to register and operate in Ireland.
We are available to assist you with any of your queries on the new legislation.