News & Events
Background
The Register of Beneficial Ownership of Companies and Industrial and Provident Societies (RBO) was signed into law by the Minister of Finance on the 22nd March 2019. The legislation requires companies to file correct and current information on the beneficial owners of that company – which means any person or persons who directly or indirectly holds more than 25% of the company.
Purpose
The purpose of the RBO is to improve corporate trust and transparency by lifting the corporate veil and making it clear about who ultimately owns and controls Irish companies and Industrial and Provident Societies – the Beneficial Owner
Defining a Beneficial Owner
A Beneficial Owner is defined as the natural person(s) who ultimately owns or controls a legal entity, either through direct or indirect ownership of a sufficient percentage of the shares or voting rights or ownership interest in the entity, including through bearer shareholdings, or through control via other means.
If, after having exhausted all possible means and no natural person can be identified as a beneficial owner, the natural person(s) who hold the position of senior managing official(s) shall be recorded on the RBO as the beneficial owner.
Filing Requirements
Each company is required to file the RBO electronically through a portal on the RBO website. Manual or paper submissions will not be accepted.
The details of each Beneficial Owner that are required to be filed are:
- Company / Society Name
- Company / Society Number
- Forename & Surname
- Date of Birth
- PPS Number
- Nationality
- Country of Residence
- Statement of the nature & extent of interest held
- Statement of the nature & extent of control exercised
- Residential Address
- Eircode (optional)
- Date of entry as beneficial owner
- Date of cessation as beneficial owner
These details will be required to be submitted for all Companies and Registered Societies including Companies Limited by Guarantee.
If these details are not filed or intentionally filed incorrectly, companies can be fined up to a maximum of €500,000 while there is also a provision for imprisonment of up to 12 months.
Portal
The portal for filing was due to open on the 22nd June this year although this was postponed. On the 24th July it was unexpectedly announced that the portal will open on Monday the 29th July and each company will need to have filed their RBO by the 22nd November 2019.
New Companies established after the 22nd June 2019 will have five months after the incorporation date to file their RBO.
Should you have any queries on your responsibilities in connection with the RBO please do not hesitate to contact Philip Collie at [email protected].