In 2009, Irish Legislation was changed to assist Non-Resident Directors in Ireland. A Non-Resident Directors bond was required but now, if one of the Directors is an EEA Resident, this is not needed. The EEA is made up of the following countries including Liechtenstein, Iceland, Norway: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom .
Where there is no director of the company who will be resident in the EEA the alternative of a Non Resident Director Bond can be put in place for the company.
The Non-Resident Director bond comes under Section 43 of the company’s act which was amended in 2009 to accommodate Bonds. The Bond insures the company for a sum of €25,394.76 and its purpose is to make sure that the company completes the required submissions with the Revenue Commissioners, and the Companies Registration Office. Irish Formations can organise these bonds for non-resident directors.