No EEA-resident director? A Section 137 bond lets your company operate.
Under Section 137 of the Companies Act 2014, an Irish company must have at least one director who is resident in the European Economic Area (the EU plus Iceland, Norway and Liechtenstein), unless it holds a bond or has a certificate showing a real and continuous link with Ireland.
The requirement is about residence, not citizenship. A director with an EU passport who lives outside the EEA still counts as non-resident.
What the bond covers
The bond is worth €25,000 and covers:
- fines imposed on the company for offences under the Companies Act 2014, such as late filing;
- penalties the company is liable for under sections 1071 and 1073 of the Taxes Consolidation Act 1997;
- expenses incurred in recovering those fines and penalties.
Key points
- The bond runs for two years and is put in place at incorporation, or when the company's EEA-resident director leaves.
- It does not replace a director. It only removes the requirement to have an EEA-resident one.
- When it expires, the company must renew it, appoint an EEA-resident director, or obtain a real and continuous link certificate.
We arrange the bond and file the paperwork with the CRO. The total fee is €1,700 for two years. Once issued, the bond is non-refundable.
Questions before you order? Email info@setupyourcompany.ie or call 01 628 3177.
Price excludes VAT at 23%.
