REGISTER OF BENEFICIAL OWNERS (RBO)
A Statutory Instrument, (No. 110 of 2019) to establish a Central Register of Beneficial Ownership of Companies and Industrial & Provident Societies (RBO) was recently signed into law by the Minister for Finance.
See attached link: http://www.irishstatutebook.ie/eli/2019/si/110/made/en/pdf
The key features are:
The Regulations require corporate or other legal entities incorporated in the State to obtain and hold adequate, accurate and current information in respect of its beneficial owners, and to state the nature and extent of the control exercised by them.
The Regulations establish a central register of beneficial ownership and require corporate or other legal entities incorporated in the State to transmit its beneficial ownership information to the central register.
The Regulations establish who shall have access the information held in the central register.
The Regulations create offences for breaches.
In the next few weeks the office of the Register of Beneficial Owners will start to contact all companies & Industrial & Provident Societies and advise them of their filing obligations.
The office of RBO has launched a website www.rbo.gov.ie that provides fuller information on the obligations arising.
On 22nd June 2019, the portal for submitting relevant information to the RBO will go ‘live’. All companies will have a maximum of 5 months to submit the information requested. A template of details that will be needed can be found on the attached link:
The 22nd November 2019, will be the last day for companies formed before June 2019 to have their details submitted to the RBO. Companies incorporated after June 2019 will have five months after incorporation.
More details on Beneficial Owners, what companies need to do, duties to keep the register up to date, who has access to the Register of Beneficial Ownership, who has access to the Central Register and offences for not filing your details are available on the Companies Registration Office website link: