Guidelines for Choosing a Company Name

Posted in Category(ies): Companies Registration Office, Company Name Change, Latest NewsLeave a Comment on Guidelines for Choosing a Company Name
Van-Geraghty
Company Secretarial Services | Corporate Governance | Compliance Tel: +353 (0) 505 34101 Email: vgeraghty@komsec.ie  

A Company Name cannot…..

  • Be identical to another one on the CRO Register
  • Be confused with a name on the CRO Register (consider spelling/phonetics)
  • Be offensive
  • Imply state state sponsorship
  • Have the word “standard” in the title

In addition…..

  • Some terms/words are not considered sufficiently distinctive e.g. & Co or Company, Associates, Place Names etc
  • A number on its own will not be accepted as a sufficient distinguishing mark, unless the company concerned is part of the same group
  • The use of a year in numerals to differentiate between two companies of otherwise the same name is prohibited
  • Some words/terms require permission from the relevant authority e.g. “bank”, “co-op” “Architect” “Regional Technical Collage” and “University”
  • Avoid names like “holding” or “group” unless it is a holding company or a company within a group

Usefully…..

  • If the Company name is similar to another on the CRO Register, the CRO will usually accept the name if it can provide a “Letter of No Objection” with your incorporation documents
  • If the Company name you want is not sufficiently distinguishable and you can’t get a letter of “No Objection”, you will need to insert additional words in the title e.g. “Smith Jones Motor Sales Limited” distinguishes itself from “Smith Jones Limited”.
  • If the CRO accidently registers a name and an objection is raised on the grounds of similarity with another company name (within 6 months of incorporation) the CRO can instruct you to change the name (section 30 Companies Act 2014).

The CRO does not check proposed company names against names on the business names register and the trade mark register. Consequently, if in doubt,  check these registers to ensure that your name choice doesn’t  conflict with a business name or trade mark since any person claiming to have a right to that name could take an infringement action or a civil passing off action to protect his/her interest.

You can undertake a search of the trade mark register at the Intellectual Property Office of Ireland.

 

8th Charity Trustees’ Week  11 – 15 November 2024

Posted in Category(ies): Charities, Latest NewsLeave a Comment on 8th Charity Trustees’ Week  11 – 15 November 2024
Van-Geraghty
Company Secretarial Services | Corporate Governance | Compliance Tel: +353 (0) 505 34101 Email: vgeraghty@komsec.ie  

8th Charity Trustees’ Week

  11 – 15 November 2024

The Charities Regulatory Authority in conjunction with Boardmatch Ireland, Carmichael, Charities Institute Ireland, Dóchas, Pobal, Volunteer Ireland, and The Wheel are offering a wide range of free events to Charity Trustees again this year and are well worth checking out.

The week kicked off on Monday 11th at 10am with an event called “Meet the Charities Regulator” (Madeline Delaney, CEO Charities Regulator). There was an interesting panel discussion covering a range of topics of interest to Trustees with representatives of Carmichael, Charities Institute Ireland and the Wheel.

During the panel discussion, the Charities Regulator advised that they are working with the Department for phased introduction to the Charities (Amendment) Act 2024. By Christmas 2024, we can expect a straightforward explanatory document from the Regulator describing the new changes and what Trustees can expect.

Most of the events are online and just require registration in advance.  Events will be recorded and available in a few days at https://www.charitiesregulator.ie/en/information-for-charities/charity-trustees-week

Check out their  calendar of free events and use the hashtag:#TrusteesWeekIrl if you’re on social media.

File Director/Company Secretary Changes within 14 Days of the Effective Date

Posted in Category(ies): Companies Registration Office, Directors, Latest NewsLeave a Comment on File Director/Company Secretary Changes within 14 Days of the Effective Date
Van-Geraghty
Company Secretarial Services | Corporate Governance | Compliance Tel: +353 (0) 505 34101 Email: vgeraghty@komsec.ie  

File Director/Company Secretary Changes within 14 Days of the Effective Date

The Companies Registration Office (CRO) have recently highlighted that they monitor submission of B10s for compliance with Section 149(8) of the Act which states that submissions shall be submitted ‘within the period of 14 days after the date of the change’. This includes the date of change of Directors and their residential address etc.

Companies should ensure that the signed signature page meets CRO signature guidelines before submitting. See our recent blog CRO signature guidelines for more guidance.

The relevant legislation is Section 149(8)  which provides that the company shall, within the period of 14 days after the date of the happening of—

(a) any change among its directors or in its secretary or assistant or deputy secretary; or

(b) any change in any of the particulars contained in the register,

send to the Registrar a notification in the prescribed form of the change and of the date on which it occurred.

Where the resignation of a Director leaves the company without an European Economic Area (EEA) resident director, the company must lodge a 137 Bond with the relevant B10 or obtain a Section 140 Certificate.

Resignations and Appointments must be recorded at a Board Meeting and the company should also ensure that the Company’s Statutory Registers are updated.

As always, if you have any questions on this blog please contact myself or one of my KomSec colleagues.

General Instructions from the CRO regarding signature pages

Posted in Category(ies): Companies Registration Office, Electronic Filing, Latest NewsLeave a Comment on General Instructions from the CRO regarding signature pages
Van-Geraghty
Company Secretarial Services | Corporate Governance | Compliance Tel: +353 (0) 505 34101 Email: vgeraghty@komsec.ie  

General Instructions from the CRO regarding signature pages

  • The Companies Registration Office (CRO) will not accept electronically signed documents. The signature page(s) must be physically signed i.e. “wet-ink”.
  • Submissions properly dated in the format Day/Month/Year (European Format).
  • Dates to correctly reflect date form was signed, consequently back-dating and post-dating is prohibited.
  • Signatures & dates to be contained within the designated section on the Signature and/or Consent pages.
  • Clear, clean submissions acceptable, barcodes and signatories etc must be legible. pages must be fully viewable as they are statutory forms and are a matter of public record and anyone with a visual impairment may not be able to see the signature/date.
  • Pages should be scanned to portrait alignment at 100% size [downsizing reduces quality of the scan] and the full version of both pages MUST be fully viewable.
  • The CRO is experiencing some issues with incorrectly signed and dated form B10s, which is resulting in an increasing number of these forms being returned
  • Submissions can be rejected if they do not meet the above criteria. If a submission is rejected, then a new submission must be prepared.

Trustee Annual Report 2024

Posted in Category(ies): Charities, Latest NewsLeave a Comment on Trustee Annual Report 2024
Van-Geraghty
Company Secretarial Services | Corporate Governance | Compliance Tel: +353 (0) 505 34101 Email: vgeraghty@komsec.ie  

Trustee Annual Report 2024

Charities in Ireland need to submit their Annual Report to the Charities Regulatory Authority within 10 months of the financial year end.

Why file with the Charities Regulator?

Aside from the legal obligation to file, because some of the information will be available on the public register, it’s an opportunity to showcase your charity’s impact , finances and charitable activities for the previous year, building trust with the public and your stakeholders.

Resources

The Charities Regulator have a number of helpful resources to help you file your charity’s Annual Report.

Annual Returns – Hints and Reminders

Posted in Category(ies): Annual Returns, Latest NewsLeave a Comment on Annual Returns – Hints and Reminders
Van-Geraghty
Company Secretarial Services | Corporate Governance | Compliance Tel: +353 (0) 505 34101 Email: vgeraghty@komsec.ie  

Filing Annual Returns and Financial Statements – FAQ

The majority of  Irish companies have a financial year end date of 31st December and consequently their Annual Return Date (ARD) falls on the 30th September.

These companies file their Financial Statements and the signed signature page with the Companies Registration Office (CRO) no late than 25th November.

Failure to file an annual return within the deadline (56 days within the ARD) results in incurring late filing penalties and loss of audit exemption for the following two years and can also result in prosecution of Companies and Directors. The Company also risks the company being struck off the CRO Register.

Late Filing Penalty

Late filing incurs a penalty of €100 w.e.f. expiry date of the company’s deadline plus a daily penalty of €3 thereafter, up to a maximum of €1,200 for each return.

Loss of Audit Exemption

Late filing also results in loss of audit exemption for the following two years.

Prosecution of Companies and Directors

Under section 343 of the Companies Act 2014, companies and directors can be prosecuted under section 865 of the Companies Act 2014 and face an on-the-spot fine for persistent late filing.

Involuntary Strike Off

If a company is late, they risk being struck off the CRO register and dissolution. Accordingly, the company loses limited liability protection w.e.f. date of strike off.

Below are some points to keep in mind:

  • Annual Return Date (ARD) – is the date up to which information contained in the Annual Return is made, e.g. up to 30th
  • Deadline – the Annual Return (financial statements and signed signature page must be filed electronically within 56 days from ARD.
  • Director Details – residential address and list of Directorships, worldwide, past and present, within the past five years to be included.
  • Directors PPSN / VIN – from 11.06.2023, Directors are required to provide their PPSN when filing certain Statutory Forms (including the Annual Return). Where a Director does not have a PPSN they must apply to the CRO for an “Identified Person Number” by filing a Form VIF (Declaration as to Verification of Identity). Once the CRO has verified the details in the Form VIF, an Identified Person Number (IPN) will be issued to the Director.
  • First Annual Return- does not require Financial Statements.
  • Financial Year – A company’s first financial years end can end no more that 18 months after its incorporation date. Subsequent financial years must start the day after the last financial year end and be for 12 months.
  • Nine month rule means that companies must file their Financial Statements within a maximum of 9 months of the end of their financial year, known as the 9 month rule.
  • Financial Statements must be filed electronically before the signed signature page(s) are received by the CRO.
  • Signatories for Annual Return – A Director and the Company Secretary.

 

Glaring Lack of Legislative Support

Posted in Category(ies): Latest News
Kathryn-Maybury
A post by Kathryn Maybury | Managing Director | KOMSEC Limited | Company Secretarial Services | Corporate Governance | Compliance | Tel: +353 (0) 1 2107595 Email: kmaybury@komsec.ie  

Glaring lack of legislative support

 

How is anyone supposed to make the right choice in the glaring absence of appropriate guidelines? How is there such a political and moral vacuum that no-one is addressing this incredibly serious question?

 

How to buy the right Easter egg?

 

  • General Data Protection Regulations – well that is a disaster as part of GDPR requires one to process data for legitimate purposes specified explicitly to the data subject when you collect it. Are you really going to spoil the surprise by asking the data subject for the right to give them an Easter egg?

  • Health & Safety – definitely an area best avoided. The amount of potential allergies (nut, lactose, etc) is vast, and this is before we even consider potential injury from flying shards of Easter egg that are cracked with enthusiasm rather than finesse.

  • Weights & Measures – don’t get me started on this. How am I to figure out the size and weight of an Easter egg when there is such a massive choice. Whatever Government Department is responsible for this is clearly not doing enough – when did it become alright to term Easter eggs shaped like a rabbit?

  • Cartel – if all our family members buy the same type of Easter eggs have we formed a cartel?

  • Family – probably the thorniest issue of all as at the end of the day falling foul of legislation is going to be the least of our worries if we don’t buy the right Easter egg.

Depending on your age all the above are very serious questions. All I can do is wish you the best of luck when you make your selection. Personally, I don’t even like chocolate and perhaps after this blog neither will you!

 

HAPPY EASTER

Invalid Strike-off?

Posted in Category(ies): Latest News
Kathryn-Maybury
A post by Kathryn Maybury | Managing Director | KOMSEC Limited | Company Secretarial Services | Corporate Governance | Compliance | Tel: +353 (0) 1 2107595 Email: kmaybury@komsec.ie  

The Sunday Business Post article (18.02.2024) on companies alleging they have been invalidly struck-off the Registrar has naturally generated concern.

To reassure yourself on the status of your company take some simple steps on the Companies Registration Office (CRO) website.

  • Check your company’s designation – the status box should read “Normal”.

  • Check your registered office address is current – as the Registrar (and others) will issue any written correspondence to the registered office address on record.

  • Check date of your company’s next Annual Return – the current enforcement regime by the CRO is targeting companies that have outstanding Annual Returns.

If you have any concerns or queries on your company’s compliance contact us at any time.

 

Happy New Year

Posted in Category(ies): Latest News
Kathryn-Maybury
A post by Kathryn Maybury | Managing Director | KOMSEC Limited | Company Secretarial Services | Corporate Governance | Compliance | Tel: +353 (0) 1 2107595 Email: kmaybury@komsec.ie  

 

Same old, same old may no longer work. Take a few minutes on some of the easier wins, like ensuring you have key deadlines set in the diary.

  • Board Meetings –agree dates for all Board Meetings to be held in 2024.

  • Financial Statements – the financial year end for most companies is 31st December. Now is the perfect time to update the calendar to ensure all year end issues are dealt with and resolved (e.g. any remaining invoicing for 2023 work, decisions on potential bad debts, etc).

  • Auditors – if your company has to audit its financial statements make sure you agree an audit timeline with your Auditors so you are not in danger of missing any compliance deadlines.

  • Revenue Commissioners – diary VAT Returns and Corporation Tax Returns.

  • Insurance – ensure you have sufficient time to review of all company insurance policies so you do not end up renewing everything as usual just because of time pressures.

  • Clients – our best intentions to meet clients are often jettisoned as “work” gets in the way. Diary time to meet with clients in person, find out if their needs have changed, what can you do help them.

The very best of luck to us all as we start into 2024.

Virtual General Meetings extended

Posted in Category(ies): Latest News
Kathryn-Maybury
A post by Kathryn Maybury | Managing Director | KOMSEC Limited | Company Secretarial Services | Corporate Governance | Compliance | Tel: +353 (0) 1 2107595 Email: kmaybury@komsec.ie  

 

The ability to hold an Annual General Meeting (AGM) and general meetings has been extended to 31st December 2024.

The ability to hold an AGM virtually initially arose as a practical support to businesses during the Pandemic and was contained within the Companies (Miscellaneous Provisions) (Covid-19) Act 2020. Whilst the announcement of the extension of the provision is very close to the expiry of the previous extension (i.e. 31.12.2023) it is a move which will be welcomed by many businesses.

The Minister stated that “this extension will provide consistency into 2024, when my department will be bringing forth permanent legislative provisions in relation to virtual and hybrid meetings”.   Whilst this had been hoped for it is good to see the Minister declare the intention to enable virtual meetings as part of standard company law.

A positive update to end the year.

A very happy and peaceful Christmas to all.