Minister for Finance Paschal Donohoe signed into Law S.I. No. 110 of 2019

Damien MaloneFounder and Managing Partner, Malone & Co

On the 22nd March 2019, the Minister for Finance Paschal Donohoe signed into Law S.I. No. 110 of 2019. This Statutory Instrument provides for the establishment of a Central Register of Beneficial Ownership for both Companies and Industrial & Provident Societies in Ireland. The establishment of this Register is in keeping with Ireland’s commitments under the 4Th Anti Money Laundering and Terrorist Financing Directive.

This new Statutory Instrument provides for a legal requirement on each individual company to maintain an internal register of the natural persons who were its beneficial owners. This Central Register will be maintained by the Companies Registration Office with the current Registrar of Companies becoming the new Registrar of Beneficial Owners (RBO) with responsibility for the maintenance of the new Register. Both the new Registrar and the Register itself will stand alone in their own right and will not impact on Company Law as it now stands. 

All Companies and Industrial & Provident Societies will, as present, have to maintain their own Register of Beneficial Owners as well as making such information available to the new Central Register. The information which is required to be kept is as follows: –

  • Names (incl. Forenames & Surnames)
  • Dates of birth
  • Personal Public Service Number (PPSN)
  • Nationality
  • Residential addresses
  • A statement of the nature of the interest held by each beneficial owner
  • A statement of the extent of the interest held and the date on which each natural person was entered in the Company’s own Register and where applicable the date of cessation as a beneficial owner.

The Registrar of Beneficial Owners launched its website on 29th April 2019 to provide further information to users and customers alike. This website can be accessed at www.rbo.gov.ie and contains a useful frequently asked questions (FAQ) section. The RBO will begin to accept online filings to the Register from the June 2019. Companies will then have a five-month period to get their Beneficial Owners’ details uploaded to the new Central Register.

Should you wish to gain a more detailed overview or a better understanding of the new Beneficial Owners Register regulations please contact Damien Malone who will be happy to assist you with your queries.