Initially, all Irish incorporated companies are required to create and maintain a Register of Beneficial Ownership listing any individuals who have a 25%+ beneficial interest in an Irish Company either directly or indirectly via a shareholding company or a nominee. Where no individual beneficial owner can be identified after a company has carried out exhaustive enquiries, then one or more of the Directors who manage the company should be listed.   
 
The government will introduce a Central Register of Beneficial Ownership later this year, whereby all Irish Companies will be required to submit their Registers of Beneficial Ownership.
   
Upon summary conviction, a company and/or an individual with a beneficial interest of 25%+ can be fined €5,000 for non-compliance with these Regulations.
 
If you require any assistance in creating your Register of Beneficial Ownership, please contact Elaine Lockyer or Suzanne Kane.