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EU’s Fourth Anti-Money Laundering Directive (4AMLD) requires all EU Member States to put into national law provisions requiring corporate and legal entities to obtain and hold adequate, accurate and current information on their beneficial owner(s) in their own internal beneficial ownership register and in a central register in each Member State. The Registrar of Beneficial Ownership of Companies and Industrial & Provident Societies (RBO) acts as the central register in Ireland and it was opened to accept filings from 29 July 2019.
What are the RBO Obligations?
Newly incorporated companies in Ireland have 5 months to register the details of its beneficial owners with the Register of Beneficial Ownership (RBO). There is no exception to this rule and failure to comply can result in significant fines.
It is the legal responsibility of a company’s officers (director(s) and company secretary) to obtain and confirm beneficial ownership information, to keep the company’s own beneficial ownership register current and accurate and to deliver the required beneficial ownership information to the RBO within the prescribed time frames. Failure to comply with these requirements is a breach of statutory duties and a criminal offence which is subject to sanctions.
What is a beneficial owner?
A beneficial owner is an individual who ultimately owns or controls a company, either through direct or indirect ownership of 25% of the shares or voting rights or ownership interest in the company.
How to file with the RBO?
Filing of beneficial ownership data can only be made by the company’s officers online through a portal on the RBO website at www.rbo.gov.ie. A presenter, such as Incorporate Ireland, may file the data with the RBO.
What to file?
Companies must hold a register of each beneficial owner. The register must contain the beneficial owners particulars, including name, residential address, date of birth, PPS Number, date of entry into register and nature and extent of interest. These details must be filed with the RBO.
When to file?
Existing companies have until 22 November 2019 to file their data with the RBO without being in breach of their statutory duty to file. Companies incorporated after 22 June 2019 have 5 months from the date of incorporation to fulfil their reporting obligations. Thereafter, any changes to the beneficial ownership of a company must be notified to the central register within 14 days.
Each beneficial owner must provide their PPS number (Social Security Number) to the RBO so that their identity can be verified. Those beneficial owners who do not hold a PPS number are obliged to complete and submit a Form BEN2 to verify their name, date of birth, nationality and address. The form must be sworn in the presence of a notary and the signed form uploaded to the online portal.
Who has access to data in the RBO?
Unrestricted access to RBO data will be provided to a number of organisations, including an Garda Siochana and the Revenue Commissioners. Restricted access to the name, month and year of birth, nationality, country of residence, nature and extent of interest will be available to the public.
PRODUCT SPECIFIC TERMS AND CONDITIONS:
The price includes a maximum of 3 shareholders – additional fees apply for more if more shareholders are required (€50/shareholder).
Our work only consists of application preparation. The application may be rejected by the Revenue Commissioners in which case our fee is still considered to be earned and payable in full. There may be additional charges should the application need to be revised.
Our 30 minute advice sessions are only performed online using Zoom or Google Meets. Once you purchase this service you will be invited to select a time and date that suits you and receive a confirmation email and online calendar invitation.
If you do not present for the online advice session, no refund is given.
Cancellation / Reschedule
Cancellations or reschedule requests can only be requested with a minimum of 24 hours notice.
Refunds for cancelled sessions will be given if at least 24 hours notice is given (less applicable transaction fees).
Only common accounting advice can be given – if you require detailed advice relating to a specific case, we will recommend research is undertaken and this will have further charges.
You will be asked to securely provide proof of identity.
Letter of Engagement
Yes! We provide everyone with a Letter of Engagement for your protection.