On the 22nd March, Paschal Donohoe, Minister for Finance, signed into law the Statutory Instrument, (No 110 of 2019,) establishing the much anticipated Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (RBO).
The new Central Register will come into operation on 22nd June 2019
The main key dates are as follow:
- The office of the RBO will start contacting each company and Industrial & Provident Society (I&P) about their filing obligations in the coming weeks. Wilton will shortly circulate an informative letter to those companies who will be required to comply with this new requirement, detailing all the actions needed.
- On 29th April, 2019 – RBO will launch a new website which will provide further information.
- On 22nd June, 2019 – the portal for submitting relevant information to the RBO will go ‘live’. Existing companies will then have a maximum of five months to submit online information of the Ultimate Beneficial Owner.
- The 22nd November, 2019 will be the last date for companies (formed before June 2019) to submit their details without being in breach of their statutory duty to file. Companies incorporated after that date will have five months.
Under the new regulation a “beneficial owner” is a natural person(s) who ultimately owns or controls, directly or indirectly, a shareholding or ownership interest of 25% plus one, in an Irish company.
The purpose of the RBO is to improve transparency as to who owns and controls Irish businesses.