Out-Law News | 05 Jul 2019 | 9:52 am | 1 min. read
The opening of a new Central Register of Beneficial Ownership (CRBO) in Ireland has been delayed, the body tasked with establishing and maintaining the register has confirmed.
New regulations that came into force in Ireland last month require companies in the country to submit information regarding their 'beneficial owners' to the CRBO unless an exemption applies.
The CRBO was due to accept filings from 22 June. However, the Companies Registration Office (CRO) confirmed that the launch date has been "temporarily postponed". There has been no indication of the new proposed date that the register will go live.
The Irish Independent has reported that the delay is due to an issue in identifying beneficial owners who do not have PPS numbers.
A 'beneficial owner' is someone who ultimately owns or controls a legal entity, either through direct or indirect ownership of at least 25% of the voting rights or shares or ownership interest in the entity. Where a beneficial owner does not exist or cannot be identified, the details of the "senior managing officials" of the business must be recorded on the internal register instead.
Under the new Irish regulations, companies need to submit information including the name, date of birth, nationality and home address of each of its beneficial owners; a statement of the nature and extent of the interest held, or control exercised, by each of its beneficial owners; each beneficial owner’s personal public service (PPS) number, if applicable; and the registered name and number of the entity as contained on the register maintained by the CRO under the Companies Act 2014 to the new CRBO.
Existing businesses will have five months from the date the CRBO opens to provide this information. Businesses incorporated on or after the launch date will have five months from the date of incorporation to file such information on the central register.
01 Jul 2019