The introduction of the new CORE portal will have a significant impact on CRO presenters and how we file documentation with the CRO. Some of the benefits and also the challenges have been set out below.
1. New CORE Portal
The new CORE portal was launched on 16 December 2020. It has a similar look and feel to the RBO portal. It will take some time to get used to the new system and for CRO to iron out the new changes. Click here for a list of features on the new portal.
2. PDF Signature Pages
One of the most significant changes in CORE is the ability to upload signed signature pages. This means there is no longer a requirement to post signature pages to the CRO. This should greatly reduce the issues with lost or delayed post and missed filing deadlines. The signature page is still required to be signed however a scanned version, even signed in counterpart, can be uploaded to the system.
3. Change in Filing Annual Returns
A significant change to how presenters file annual returns in particular is the requirement to upload the financial statements BEFORE the signature page is generated. The financial statements were typically only signed off at the last minute and could be uploaded while the signature page was being sent to the CRO. However this will give very little time to have the signature page generated and uploaded before the deadline.
4. 26th February 2021 deadline
Companies that had an Annual Return Date on or after 30 September 2020 have until the 26th February 2021 to complete and file the annual return, upload the financial statements and upload the signed signature page. The CRO have stated that the majority of companies have already filed but companies should act as soon as possible to avoid missing the filing deadline.
The UK has now left the EEA so any company that only has UK resident directors must act or any UK companies thinking of incorporating in Ireland will have to comply with the requirement to have an EEA Resident Director. For more information on the options click here.
6. Companies (Miscellaneous Provisions) (Covid-19) Act 2020 has been extended
7. Reminder about RBO Filings
ICSA: The Governance Institute published a recent blog reminding companies and presenters to be aware of the importance of submitting beneficial ownership details to the RBO in a timely manner where required to do so, and the potential implications of failing to make such filings. This means companies that have yet to make an RBO filing or where there has been changes in the beneficial ownership should make the appropriate filing on the Central Register.
8. District Court Applications
A number of companies have missed the filing deadlines during the year. These companies are waiting for the District Court to open back up so that the applications can be processed by the Court.
If your company has missed its filing deadline and wants to retain the audit exemption and or avoid paying late filing penalties, the company should not file the late annual return and instead make an application to the district court for an extension of time to file the late annual return.
9. Branch Registration
Another impact of Brexit is the interest in registering branches instead of LTD companies by UK companies. Companies that are exploring having a presence in the Republic of Ireland may decide to register a branch first before committing to setting up a company. For more information click here.
10. Company Formations
2020 saw company incorporation figures hold firm despite the devastating impact of COVID-19 on business. While industries such as aircraft leasing saw a significant drop in new company formations while the likes of Brexit, PPE and sanitation companies kept numbers similar to 2019 figures. To form a company click here.
Note: The content of this article is provided for information purposes only and does not constitute legal or other advice.