Changes to the Residency Requirements for Directors
Now that the Companies (Amendment) Act 2009 has been brought into force it is no longer required that at least one of the directors be an Irish resident. It is now required that at least one of the directors be a resident of the European Economic Area (EEA). The EEA consists of all 27 members of the European Union plus Iceland, Liechtenstein and Norway.
Instead of having one EEA resident director, a company can hold a bond in a prescribed form to the value of €25,394.76.
A third option is to apply for a certificate from the Registrar of Companies that the company has a real and continuous link with one or more economic activities that are carried on in the State. The Revenue Commissioners must provide a statement confirming that such a link exists.
Matthew Austin.