EEA Resident Director
An Irish company must have one European Economic Area resident director. Where there is no EEA Director a bond can be put in place, which is valid for two years. This non-EEA Director bond would need to be renewed every 2 years. Companies which have only UK resident directors will now be required to have an EEA-resident director.
Non-EEA Director Bond – Section 137 Revenue Directors Bond
We can arrange a non-EEA Director bond/ Section 137 Revenue Bond for your Irish company which covers a period of two years. Once the non-EEA Director/ Section 137 Revenue Bond is issued it is non-refundable.
The bond will insure your Irish company up to €25,000 in the event of failure to pay any fines or offences under the Companies Act 2014, or penalty imposed by the Tax Authorities and Revenue Commissioners.
Securing a EEA Non-Resident Directors Bond exempts companies registered in the Republic of Ireland from the requirement to have a Director who is resident in the EEA (European Union plus Iceland, Norway and Liechtenstein).
The Non-EEA Director Bond insures the company for a sum of €25,000 and its purpose is to cover the following:
- Any fine imposed on the Company in respect of offences under the Companies Act 2014 e.g. failure to file Annual Returns and Audited Accounts on time
- Fines for failure to supply certain information to the Revenue Commissioners – mainly information required on the Form CRO 11F
- Any penalty which the company has been held liable to pay under S1071 or S1073 of the Taxes Consolidation Act 1997
- Any expenses incurred in recovering the fines and penalties
Alternative to the Non-EEA Director Bond
If the Irish company has a real and continuous link with Ireland the Registrar of Companies can issue a certificate which will exempt the company from the need for a bond. The application will need to be accompanied by a statement from the Revenue commissioners.