All newly incorporated companies must generate and maintain an internal register with the register of beneficial owners. This is necessary for all new and existing companies.

What Is The Register Of Beneficial Ownership?

The primary aim of the register is to prevent money laundering and terrorist financing. It helps to sanction those who attempt to hide beneficial owners of legal entities for the purpose of illegal activity. Beneficial ownership refers to the people who ultimately own or control the company.

Who provides Information?

If you own or control more than 25% of the shares/ownership interest you have what is known as beneficial ownership. This means that anyone that falls into this category will need to provide information to the Registrar of Beneficial Owners to maintain compliance under the Companies Act 2014. Anyone that has more than 25% of shares in the company, voting rights, ownership interest or any other form of control in the company must be included in all information given. These companies are obliged to create and maintain an internal registrar with the RBO within five months of their incorporation date. This is a legal obligation under Irish company law, with specific regards to the Company Act 2014. Failure to comply is a breach of this law and regulation.

what details are needed for the RBO?

Any beneficial owner listed in the company will have to provide personal details such as their name, date of birth, PPSN, nationality, and residential address. They will also have to provide details of the beneficial owners interest in the company specifically with regards to the nature of the interest, e.g What role they play within the company, (Owner, shareholder etc,). They will also need information regarding anyone in association with the company such as when they were appointed. Lastly, they will need the details of the person submitting the filing.

What are the consequences of not filing?

Irish company law has set guidelines and legal obligations which every Irish company must follow. Filing your register of beneficial ownership is part of this obligation and failure to do so can result in harsh penalties. As it is the law to file this, failure to comply will be treated as a criminal offence. Furthermore, incorrect information when filing can also result in penalties.

How we can help?

As it is such a necessary and important part of your company set up. It is important that you file your RBO correctly and on time. Irish formations includes this service in its premium packs and it can also be purchased as an individual product.