Questions and Answers

Our company Directors are in the UK. Do we need to do anything to prepare for Brexit?

We trade through an Irish Company but all of the Directors are based in the UK. Will we need to make any preparations prior to the end of the Brexit transition period on 31 December 2020?

Many UK businesses have decided to set up an Irish company for part or all of their operations prior to Brexit becoming a reality on 01 January 2021. This can be an ideal solution to maintain trade and operations within the EU.

Any Irish company, however, that only has UK resident directors need to address this issue immediately to ensure that they are compliant with Irish company law post 31 December 2020.

These companies are required to implement one of the following three options before the end of 2020 to ensure compliance with the company law:

Appoint another director who is a resident in the European Economic Area (EEA);
Put in place the Section 137 Revenue Bond; or
Provide a Real & Continuous Link to Ireland. Please note this option will require Revenue approval and several Irish-based employees.

If you require more information on the above please do not hesitate to contact one of our offices by filling out an enquiry form here

Date published 1 Dec 2020 | Last updated 1 Dec 2020

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

Guide to setting up a business in Ireland from abroad

6 months ago

Can I set up a company in Ireland from abroad?

6 months ago

Are there new rules for exporting goods to Britain?

9 months ago

Choose the right accounting firm for you

Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?