Beneficial Ownership Register – Submission deadline Friday 22nd of November
Tue Nov 5 2019
Action Required by all Incorporated Members
Note: These requirements do not affect members who are partnerships or sole traders
In March 2019, the Minister for Finance signed into law Statutory Instrument No 110 of 2019 to establish a Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (the RBO). The registrar of Companies has been appointed as the Registrar of Beneficial Ownership of Companies and Industrial & Provident Societies with effect from the 29thof July 2019.
The new register (the RBO) opened for filings on Monday the 29th of July. All incorporated members are required to take action in relation to this new requirement. Filing of beneficial ownership data can only be made on-line through a portal on the RBO website at www.rbo.gov.ie A user ID and password is required to login. This can be set up at the time of registering beneficial ownerships – see https://rbo.gov.ie/faqs.html
There are no paper forms and no filing fees involved.
Companies have until Friday the 22nd of November to file their data with the RBO without being in breach of their statutory duty to file.
Note: The returned information will only be in respect of the member firm unless an agreement is in place that the member firm will make a return for a client company.
Brokers Ireland in conjunction with Midwest Corporate Services Limited have drafted guidance for members in relation to the requirements which is available in the AML/CTF folder in the members compliance section on the website.
Midwest Corporate Services Limited, Suite A2, No.1 Charlotte Quay, Limerick are independent and specialist providers of company secretarial and corporate governance services to company directors, accountants and solicitors.