Registers
With certain limited exceptions, all Irish companies must maintain details of who beneficially owns their company. The company is obliged to keep this information on two types of Register.
Internal – Register of Beneficial Ownership
The first Register is the companies own internal Beneficial Ownership Register (similar to other company Registers like the Register of Members).
External – Central Register of Beneficial Ownership
The second Register is an online (government operated) Beneficial Ownership Register on which certain details must be filed.
Don’t Forget
Remember – the onus is on the company to keep both Registers accurate and up to date.
Handy Hint
From a practical perspective – companies should be aware that as part of their money laundering due diligence, banks and other financial bodies will often examine the external Register of Beneficial Ownership before advancing facilities. If your Beneficial Ownership filings are not in order this could block or delay something as simple as opening a new bank account for the company.
What is a Beneficial Owner?
A beneficial owner is a natural person (a human – not a company) who has a significant level of ownership or control of a company. The most common example of a Beneficial Owner is a shareholding of 25% plus one share in a company (yes, the one share is important!).
The definition also includes direct and indirect ownership, so companies are required to look behind any corporate shareholders and identify their ultimate Beneficial Owner(s). This may involve looking further up the corporate chain of ownership if the company is part of a group.
What Information must be Filed?
The following information must be included in the Registers for each Beneficial Owner.
- Name
- Date of Birth
- An Irish Personal Public Service number (KomSec Limited can advise on the further steps required if a person does not have a PPS number)
- Nationality
- Residential Address
- Statement on the nature and extent of the interest held or control exercised by each Beneficial Owner
- Date on which the Beneficial Owner was entered into the Register as Beneficial Owner
- Date on which the Beneficial Owner ceases to be a Beneficial Owner
The good news is that KomSec Limited can look after both your internal and external Beneficial Ownership Registers for you and ensure that your company is fully compliant. Please feel free to get in touch if you require any further details.