Irland Types of Company:

The Company Law Enforcement Act, which became law in 2003, has strengthened compliance with some aspects of Company Law where supervision had previously been rather lax. These include:

Appointment of a Director of Corporate Enforcement, to head a new multi-disciplinary agency to enforce company law, and to conduct investigations and prosecutions;

More rigorous enforcement of the rules on filing annual returns and provision for 'on-the-spot' fines for late returns;

Power for the court on the application of the Director, to order individual companies to comply with company law;

Extended powers for the court to impose restrictions and disqualifications on individuals acting as directors;

Costs of most investigations, prosecutions and court proceedings may be imposed on the delinquent companies;

New obligations on auditors to report suspected breaches of the Companies Acts by client companies.

Ireland's Minister for Trade, Industry and Commerce, Michael Ahern in November 2005 signed a Commencement Order for the new Investment Funds, Companies and Miscellaneous Provisions Act, designed to facilitate the electronic filing and signing of documents at the Companies Registration Office.

Under section 57 of the Act, a company may authorise a person to be its Electronic Filing Agent. If a company chooses to do this, there will no longer be a need for directors and secretaries of companies to apply for ID and PINs. Speaking with regard to the changes, which came into force on December 1 of that year, Mr Ahern explained that:

"The introduction of a statutory Electronic Filing Agent will greatly simplify the process for the companies and their agents. It will lead to greater use of electronic filing by customers of the CRO. Taken together with the forthcoming adjustment in fees, doing business electronically with the CRO is now easier, quicker and cheaper.

Version date: 07.05.06