Submitting Financial Statements in Ireland
Submitting Financial Statements in IrelandUpdated on Tuesday 13th September 2016
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The activities of a company set up in Ireland are registered in specific documents created for various purposes. The Irish legislation requires that the financial statements of the company to be registered at relevant authorities. The books of accounts have to be registered to offer a full image on the company’s operations, which have to be disclosed at the local institutions. In Ireland, the financial statements are filed at the Companies Registration Office (CRO). Our team of lawyers in Ireland can assist businessmen with more details on the preparation of such documents, but also on the filing procedure.
Financial statements in Ireland
Under the Companies Act 2014, the new legislation regulating the activities of the Irish businesses, the directors of the companies set up here are required to submit a set of documents, as follows:
• the profit and loss account;
• the balance sheet;
• the director’s report;
• an audit report.
The filing procedure can vary in accordance with the legal entity under which the company is carrying out its operations. As a general rule, companies which are managed by two directors will need the signature of both of the representatives, but the regulation is not applicable in the case of the legal entities which can be managed by only one director, as it is the case of the private company limited by shares; our law firm in Ireland can offer more details on the specific regulations applicable to each business form in Ireland.
Regulations applicable to newly incorporated businesses in Ireland
Businessmen who want to establish a business here should know that the Companies Act 2014 prescribes a different set of rules for this situation. The newly incorporated companies in Ireland are not required to submit their financial statements for the first annual return. The Irish law states that for the second annual return such companies have to file their accounts, but there are certain exemptions in this sense.
The annual return in Ireland can also be submitted on the online platform available at the CRO.
Businessmen interested in receiving further details on the financial statements in Ireland can address to our Irish law firm for legal assistance.