Every company set up in Ireland must have one Director who is resident in the European Economic Area (EEA) if you do not have an EEA Director you need to purchase a Non Resident Director Bond for the first two years of trading.
The Non-Resident Director bond comes under Section 137 of the Companies Act 2014 (Section 43 under the old act). The Bond insures the company for a sum of €25,394.76 and its purpose is to make sure that the company completes the required submissions with the Revenue Commissioners, and the Companies Registration Office. SYC Team can organise these bonds for non-resident directors prior to incorporation, or for companies renewing the bond.
It is important to note that having the bond in place does not replace or act as a Director of the company – It merely exempts the requirement of having at least one director being resident in the EU or EEA. If the company has not appointed a EU/EEA resident director by the time the bond lapses in 2 years then it has to be renewed for another 2 years and every two years thereafter. Where the company has created significant employment after two years and we can apply for a letter from the Revenue Commissioners confirming a significant economic link is in place for the Company.
For more information or to proceed with the Bond please contact us and we will e-mail you a proposal form today.