Irish Companies BillDec 21, 2014
Recently, a new bill known as the Companies Bill was passed by legislatures in Ireland. For businesses who are looking to start a company in Ireland, this hefty bill brings about lots of changes. It is the largest reform of company law Ireland has seen in fifty years. There is no doubt that the changes that this bill enacts might mean some serious changes for multinational companies with subsidiaries in Ireland. Here, we will look at the changes that this bill put into place. We will also look at what this could mean for the future.
The newly passed Companies Bill consolidates other Companies Acts passed in Ireland from the early 1960s to just last year. Here are some changes that the new passage will bring to new companies:
* Companies can now have only one director, as opposed to several.
* An annual, physical gathering of the board, directors, etc. is no longer required for companies.
* Companies do not have to set or abide by an objects clause, which states what the company does and will not have the capacity to do.
* The duties of a director are clearly outlined in this bill.
* Private companies can now merge.
For multinational companies operating in Ireland, the above changes are great news. It means that, overall, the cost of operating a company or business in Ireland will be greatly reduced. With more capital to use for other ventures, companies will be able to grow at a faster rate. They may also be able to merge with one another to take on larger competition. The aim of this bill was ultimately, according to government officials, to make it easier to get companies started in Ireland for business interests. It seems that this bill will most certainly do just that.
This bill will not go into effect until June of 2015. Although there is still sometime between now and then, we fully expect this bill to make running a business in Ireland easier.