Launch of the CRO’s Beneficial Ownership RegisterAugust 2019In March 2019, the Minister for Finance signed into law Statutory Instrument No 110 of 2019 to establish a Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (the RBO) - Click HERE to view
The Registrar of Companies has been appointed as the Registrar of Beneficial Ownership of Companies and Industrial & Provident Societies with effect from 29 July 2019.
Accordingly, the RBO is now open to accept filings.
Filing of beneficial ownership data can only be made on-line through a portal on the RBO website at www.rbo.gov.ie. There are no paper forms and no filing fees involved. Companies and societies will have until Friday 22 November to file their data with the RBO without being in breach of their statutory duty to file. The RBO will write to each company and Industrial & Provident Society about their filing obligations in the coming days.
BENEFICIAL OWNERS: PPSN
Under Part 3 of the 2019 Regulations, the PPS number of each beneficial owner (who has such a PPS number) must be reported by the company/ industrial and provident society to the Register (but will not be included on the RBO). The Registrar will cross-check that PPS number with the Department of Employment Affairs and Social Protection to ensure that the names match. This is an extra verification step that the Registrar will use to ensure that the information held on the RBO is accurate and that the RBO does not contain duplicate entries. For a beneficial owner who does not have a PPS number, the Registrar has now confirmed that a Form BEN2 (Declaration as to Verification of Identity) will be used to verify that beneficial owner’s identity.
A process has been developed to enable beneficial owners who do not currently have an Irish Personal Public Service Number (PPSN) to file with the RBO. Full details are provided in a specific FAQ on the RBO website – www.rbo.gov.ie.
By: Judy DeCastro - Regulatory Consultant