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Company directors must be EU resident post-Brexit, CRO warns

05 Feb 2019 / business Print

Company directors must be EU resident post-Brexit

If Britain leaves the EU without any deal in place, companies that have only UK-resident directors will be required to comply with section 37 of the Companies Act 2014, which deals with the requirement to have an EEA-resident director.

The requirement to have at least one EEA resident director from a member state does not apply to a company that holds a bond to the value of €25,000 to discharge against any liability under the Companies Act 2014 or the Taxes 
Consolidation Act 1997

Bond

The bond must have a minimum validity of two years, with surety from a bank, building society, insurance company or credit institution.

Meanwhile, the Department of Business, Enterprise and Innovation is trawling for submissions for its review of the Limited Partnerships Act 1907.

The deadline is Friday, 1 March. More information is available here.

Gazette Desk
Gazette.ie is the daily legal news site of the Law Society of Ireland