Non Resident Director Bond – EU Director
Whereas directors can be of any nationality one of the directors of your Irish company must be a resident in the European Union. Where there is no director of the company who is resident in the EU a Non Resident Director Bond can be put in place.
We can arrange a bond as an alternative to having a resident EU Director and the bond can be arranged within a few days and the bond is valid for two years. The bond is renewable every two years as long as no EU resident director is in place.
Bond as an alternative to a Resident EU Director
The Companies Act states that if an Irish Company does not have a EU resident Director, a Bond must be in place.
The Registrar of Companies has the power to have a company struck off for not having a Resident EU Director or a bond.
The bond insures your Irish company for €25,000 and it’s purpose is to ensure that the company will complete the required filings at the Companies Registration Office and the Revenue Commissioners.
The Bond is used to pay:
- Any fine imposed on the Company in respect of offences under the Companies Act
- Any penalty which the company has been held liable to pay under the Taxes Consolidation Act
- Any fines for failure to supply certain information to the Revenue Commissioners