Section 137 of the Companies Act 2014 requires all Irish companies to appoint at least one EEA Resident Director.
The requirement concerns residency rather than nationality or citizenship, for example, a company director holding an Irish passport but residing outside of the EEA would not satisfy the requirement.
Non-Resident Insurance Bond
An Irish company that does not have a Resident Director, can instead use a Non-Resident Director Bond. The bond must be in place for a two-year period and is to the value of €25,000.
New Irish Companies
For new companies, the Non-Resident Insurance Bond must be affective from the date or incorporation and Companies Registration Office will require the Bond number before they complete the incorporation.
EEA Resident Director Requirement
Under Irish company law an Irish registered company must have at least one European Economic Area Resident Director on the board or put a bond in place to cover filing liabilities.
The Director requirement is based on residency, not nationality.
Options available for existing Irish Companies:
- Appoint an EEA Resident Director to your Irish company board
- Put a bond in place – an insurance policy that CRO approves in replacement of having an EEA resident individual on the board
- The Exception to the Rule – ‘Real and Continuous link’ – It is possible for the Directors of an existing Irish Company who have no EEA-resident Directors to apply to the Irish Revenue Commissioners for a Statement under Section 140 of the Companies Act 2014