Non Resident Directors
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. The United Kingdom left the European Economic Area due to Brexit, and now if you only have Directors living in the United Kingcom, a Section 137 Bond is Required.
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 137 of the company’s act 2014 which was amended in 2009 and consolidated in 2014 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.