The CRO provided an update on their activities at yesterday’s CRO Link meeting and there was some welcome news for SME companies.
Audit Exemption
CRO are targeting the end of May for the implementation of the change to audit exemption providing that companies that file late once in a 5-year period will not lose audit exemption.
The proposed change requires amendments to CORE, the CRO’s online filing platform. A commencement order will then have to be signed setting out when the section will come into effect and what date or financial years it will apply to. As soon as this have been confirmed we will provide an update.
Involuntary Strike Off
CRO have already commenced striking off companies that do not appear to have a director or company secretary. They do not yet have a date for the recommencement of involuntary strike off for companies with late annual returns.
B10 Issues
The CRO again highlight the issues with B10 forms being filed incorrectly or sensitive information being scanned in with the consent and signature pages. The CRO has said this is causing a lot of B10’s to be returned. We wrote about the main issues with filing B10 forms and to see this article click here.
Open Data Portal
The CRO have launched its CRO Open Data Portal publishing the ‘Companies Records’ dataset, a daily snapshot of the main details of all companies. Historical Financial Statements are also published.. The CRO will remove the fee for downloading financial statements from the CRO website. For more information on the Open Data Portal click here.
RBO Strike Off
The RBO have commenced taking proceedings against companies that have not made its RBO filing. Companies must file with the RBO within 5 months of the date of incorporation.
The Registrar will either take court proceedings against late companies or send the name to the CRO to have these companies struck off the register. Companies will receive 2 notices before proceedings are taken.
NB: The content of this article is provided for information purposes only and does not constitute legal or other advice.
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