However, non-resident companies are currently under scrutiny and legislation in this area is likely to be introduced before the end of this year or early next year. At present it is unclear what exactly will be contained in such legislation but it is anticipated that the Irish registered non-resident company issue will be tackled on three fronts as follows:-
- Taxation: by equating registration with residence for tax purposes, subject to the grant of exemptions for certain companies, such as multi-national group subsidiary companies.
- Company Law: through the introduction of requirements in relation to directorships (it is thought that under one of the proposals in this area, every company registered in Ireland will have to have at least one director who is normally habitually resident in the European Union) and better enforcement/strike off procedures.
- Criminal Justice Act, 1994: through the application of the money laundering provisions of this Act to Company Formation Agents.
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