Ireland will create a Register of Beneficial Ownership

The Ministry of Finance of the Republic of Ireland implemented Regulation No. 110 dated April 5, 2019. From the text of the document, it follows that the a Register of Beneficial Ownership  (RBO)  will be created in the country.

As stated in the preamble, such a need arose because of the recommendations on AML policy (anti-money laundering) in the EU. Starting from April 29 of the current year, the main site of the central register will be launched. This web portal will contain all the necessary registration information.

It also became known that from June 22, 2019, it will be possible to conduct online registration on the RBO website on a voluntary basis. From this point on, companies will receive a period of 5 months to complete the procedure. In the future, until the end of the year, those enterprises that do not have time to complete registration will be automatically entered in the register.

This rule on beneficial owners will apply only to legal entities from LTD companies. Companies such as a limited partnership and their owners are not considered to be registered in Ireland, and therefore should not submit the appropriate information to the registry.

Law and Trust International provides an opportunity to register a company in Ireland. If you want to get know about the cost of registration and its features, please contact our lawyers.