New Customer Portal in the Registry of Friendly Societies

The Registry of Friendly Societies (RFS) is responsible for the efficient and effective registration and general regulation of over 1,000 Friendly Societies, Industrial and Provident Societies and Trade Unions in Ireland.

The RFS first foray into an online presence occurred in 2012 so, the launch this month of a new customer portal is a timely and welcome enhancement to all users.  The portal will enable a substantial level of business to be carried out online such as:

• creating a new entity; and
• filing Annual Return and amendments.

Apart from the ease of online filing, Users will be able to avail of reduced fees for online filings.  Quite how valuable the reduction of fees will be to Users is questionable given the total average annual filing fees paid to the RFS appears to hover around €46,000 to €50,000 per annum.  As my Grandmother always said “Every mickle makes a muckle” so, improving filing capabilities whilst also providing for some cost savings can only be a good thing.

Ireland itself is seen to be in the top ten countries in the world for innovation with the highest population of Science and Engineering Graduates in the OECD. 

Companies considering Ireland as a potential location will have no difficulty amassing substantial information on the benefits of locating and working in Ireland.  The challenge is to find an efficient way through that labyrinth of seemingly contradictory material.

One of the first ports of call should be the IDA – Ireland’s inward investment promotion agency – which actively promotes and support Foreign Direct Investment into Ireland. The IDA will help companies considering setting up or investing in Ireland by facilitating Site visits, access to Universities, provide Advice, etc.

Apart from having IDA contacts in Ireland itself, the IDA has representatives around the world ensuring decision makers in Global Head Offices can access onsite visits and clear data on the benefits of locating in Ireland.

 The IDA highlights some interesting facts on businesses located in Ireland, and reasons why.

• 17 of the top 20 global software companies
• 14 out of 15 top medical tech companies
• 20 out of 25 top financial services companies
• 10 out of 10 top pharma companies
• 8 out of 10 top industrial automation companies
• 9 out of 10 top global software companies operate in Ireland
• 3 of 5 top games publishers based in Ireland
• 25% tax credits for Research & Development

Do not take our word for it, visit the IDA website https://www.idaireland.com/ and see for yourself.

Key dates during 2018

Month                        To Do

January                      02.01.2018 – drink coffee, organise desk 

                                    19.01.2018 – file Annual VAT 3 Return and Return of Trading details

                                    28.01.2018 – Global International Data Protection Day

 February                    01.02.2018 – CAO applications deadline

                                     08.02.2018 – Commencment of Companies (Accounting) Act 2017

 March                        17.03.2018 – St. Patrick’s Day wear Shamrock & large green hat

                                     21.03.2018 – Local Property Tax deadline (if paying full amount in one go)

                                     Quarterly Board Meeting – issue Agenda and Board Pack 

 April                            01.04.2018 – Easter Day

                                      02.04.2018 – Easter Monday recover from too much chocolate

                                      April – introduction of sugar tax, such timing!

                                      Audit – do not forget to ensure someone has engaged Auditors  

 May                             07.05.2018 – May Day

                                      25.05.2018 – General Data Protection Regulations goes live

 June                             04.06.2018 – Bank Holiday

                                       Quarterly Board Meeting – issue Agenda and Board Pack

 July                               July – Possible publication of Five Year Pension Reform Plan

 August                         06.08.2018 – Bank Holiday

                                       Last chance – go on holidays!

September                   23.09.2018 – Corporation Tax Return deadline for filing CT Return

                                       30.09.2018 – Annual Return Date for bulk of companies

                                       Quarterly Board Meeting – issue Agenda and Board Pack

October                        28.10.2018 – Annual Return deadline for electronic filing

                                       29.10.2018 – Bank Holiday

                                       October 2018 – Budget Announced

November                   Pension – consider topping up personal pension

December                    Quarterly Board Meeting – issue Agenda and Board Pack

                                       25^th December 2018 – do not forget to put Turkey in the oven

Do not be fooled by the title, this Act is not just for Accountants.  

The Companies (Accounting) Act 2017 was commenced on 08.02.2018 by means of S.I. 34/2018.   At first glance, with around 80 amendments to the Companies Act 2014 it looks more like an Act intended to clarify and qualify misconceptions or unintended errors arising since publication of the Companies Act 2014.

However, there are some excellent nuggets hidden in the Act not least of which is:

1. expansion of qualifying conditions to qualify as a Small Company; and
2. introduction of the concept of a Micro Company.

Small Company

S.280(a) now classifies a Small Company as one fulfilling two of the three following requirements.

o   Turnover                                                               – does not exceed €12m [up from €8.8m]

o   Balance Sheet total                                           – does not exceed €6m [up from €4.4m]

o   Average number of employees                    – does not exceed 50 [no change]

Micro Company

S.280(d) introduces the concept of a Micro Company where it fulfils the following.

o   Qualifies for Small Companies regime

o   Fulfils two or more of the following
(a)       Turnover                                                   – does not exceed €700,000

(b)      Balance Sheet Total                              – does not exceed €350,000

(c)       Average number of employees       – does not exceed 10

The change in Small Company and introduction of Micro Company have knock-on effects to the Companies Act 2014.  For example, substitution of S.352(1) dealing with exemption from filing certain information, and introduction of a new S.305A dealing with payments to third parties for services of directors.

5 Reasons to consider doing business in Ireland

Photo by Stephen Bergin on Unsplash

1.      Ireland has been ranked as one of the best countries for business by Forbes Magazine.

  In addition, the IMD World Competitiveness 2017 Yearbook ranked Ireland;

         – 1st in the world for investment incentives for foreign investors

         – 1st in the world for labour flexibility and adaptability of the workforce

         – 2nd most competitive country in Eurozone

2.      Native English Speakers

 Post-Brexit, Ireland will be the only native English-speaking member in the EU with access to the European Market of 500 million consumers.

3.      An unrivalled Hub for Foreign Direct Investment

 In 2017 Ireland was named the best country in the world for attracting high-value foreign direct investments for the sixth year in a row. Many of the world’s

 high performing global companies are doing business in Ireland including Google, Facebook, Paypal, Intel, Twitter, Pfizer, Citi, Huawei and Novartis.

4.      Well Educated Workforce

 Ireland’s workforce is well educated, flexible and adaptable. Ireland also has the highest proportion of science and engineering graduates in the OECD.

5.      Attractive Tax Regime

  Ireland offers 12.5% corporation tax and 25% R&D Tax credit and other taxation benefits. The country also has exceptional intellectual property (IP) 

  and holding company regimes.

For facts about Ireland, click IDA Facts about Ireland

KomSec Limited will be closed from 24.12.2018 to 02.01.2019 inclusive.

Everyone in KomSec Limited wishes you all a very Happy Christmas, and hope you have a contented time with your family and friends.

Our families seem even more important at Christmas.  Sadly though people die regardless of the season.  When that death happens overseas it adds an unexpected burden of logistics, costs, and bureaucracy to an incredibly emotional time. 

This year KomSec Limited has made a contribution to the extraordinary Kevin Bell Trust which helps alleviate the financial burden of repatriating a family loved one.