The Companies Act 2014 was signed into law by the President on 23rd December 2014 and became effective on 1st June 2015. From this date Republic of Ireland companies will be incorporated with either a Constitution or a Memorandum of Association.
There are a number of differences between the new (LTD) Limited company and the (DAC) DESIGNATED ACTIVITY COMPANY – some of which are listed.
(LTD) – LIMITED:
One director and one secretary (two persons) only required.
Constitution only – no requirement for Memorandum and Articles of Association.
No company objective(s).
No requirement to hold an AGM.
(DAC) – DESIGNATED ACTIVITY COMPANY.
Must have at least two directors.
Constitution including Memorandum of Association and company objectives.
Required to hold an AGM.
All companies incorporated in the Republic of Ireland prior to 1st June 2015 will – under the above Act – be required to be convert to the Act by 30th November 2016. After this date if a company has not converted certain people may apply to the High Court for an order directing that the company be re-registered as a DAC.
We can advise and assist in the completion of the conversion and provide the new Certificate of Incorporation together with updated Constitution or Memorandum of Association as applicable.
Conversion fee starts at £99 + VAT.
Contact us today to start this process.