Irish Companies Report Details Legal Reforms

by Jason Gorringe, Tax-News.com, London

11 July 2008

The Irish government's Companies Report 2007, which details some important and ongoing reforms in Ireland's company legislation, was published earlier this week by John McGuinness, Minister for Trade and Commerce.

“The Companies Report for 2007 is the 82nd such report and it is particularly significant because it covers a year when approval was granted for the drafting of the Companies Consolidation and Reform Bill,” McGuinness announced on Wednesday.

“This modernisation of Company Law will complement the work of the High Level Group on Business Regulation which was established in 2007 to identify, reduce and simplify the administrative burdens placed on businesses," he added.

The High Level Group comprises business people, government departments and agencies and is focussing on the five main areas of regulation that it is considered impose the highest burdens on businesses, one of which is company law.

Highlights from the Companies Report 2007 include:

• Government approval was granted for the drafting of the Companies Consolidation and Reform Bill based on the General Scheme prepared by the Company Law Review Group and which runs to almost 1,300 sections. The General Scheme consolidates, reforms and modernises Irish company law, bringing greater clarification and simplification thereby easing the burden on companies and improving Ireland’s competitive position as a location for business investment.
• Market research from the Office of the Director of Corporate Enforcement shows that positive progress has been made in recent years in changing the culture from one of non-compliance to one of general compliance with the Companies Acts
• The first phase of the decentralisation of the Companies Registration Office was undertaken in July 2007 with 32 staff taking up duty in a newly constructed office in Carlow.

Recommended