Company Law in Ireland
Company Law in IrelandUpdated on Friday 17th March 2017
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The activity of a legal entity in Ireland is governed by the Company Law, which regulates the legislation related to the incorporation of a company, the legal entities under which a company can be set up, limitation imposed to foreign investors opening a business here and many other provisions. The Company Law is stipulated under the Company Act 2014, which came into force starting with 1st of June 2015. The purpose of the new Company Act is to simplify the business environment in Ireland, by giving a new set of rules regulating the private company limited by shares, which is the most common registered company here. If you are interested in the provisions of the Company Act, our Irish lawyers can provide you with an in-depth presentation upon this subject.
Legal entities under the Irish Company Act 2014
The new Company Act 2014 brought significant changes to the company legislation. Under the new provisions, a company in Ireland can be incorporated with a single member, regardless of the legal entity chosen for the company. Our Irish law firm can assist businessmen through the whole company formation procedure in Ireland and can make sure that they will comply with the available legislation.
The Act introduced two new types of companies, as follows:
• the Company Limited by Shares (LTD), which represents the new legal form of the private company limited by shares; the entity requires a one-document constitution act, replacing the memorandum and articles of association. Another important aspect is that management of the company may pass resolutions if the majority of the members agree upon the subject, as opposed to the previous legislation, which required the agreement of all the members.
• the Designated Activity Company (DAC) requires two documents constitution and two directors; companies in the financial sector may incorporate as a DAC; our attorneys in Ireland can offer you more information on the new legal entities introduced under the new Act.
Company secretary in Ireland
The legislation for the appointment of a company secretary is much restrictive now, as it states that it is required for the company secretary to have skills and resources to accomplish the duties that arise from this position.
If you need further information on the Company Law in Ireland, please contact our Irish law firm for consultations.