With the UK now officially no longer part of the EU the transition period and provisions have commenced and will remain will be in place until 31 December 2020.
If no agreement is reached within the transition period or no extension is granted, then Irish registered companies with UK resident directors will be required to appoint an EEA resident director or obtain a Section 137 Bond or apply for Real and Continuous Link with the State.
A Section 137 Non Resident Director Bond is a surety bond provided for € 25,000 and lasts for a 2 year period. This bond must be provided to the Companies Registration Office ( CRO) as part of the filing of the company’s accounts.
The bond is a legal requirement and must be held in place once there is no EEA resident director in place.
MKIG can assist in the arrangement of a Section 137 Bond and please make contact with Fergal Kennedy email@example.com or on 353 1 8902277 to discuss your options