If an existing company does not have a EEA Resident Director or a Non-Resident Bond then it may make an application to the Revenue Commissioners for a Section 140 Real and Continuous Link Certificate.This will become an important option for companies post Brexit.
This certificate states the company “has a real and continuous link with one or more economic activities that are being carried on in the State”
The company will have to make an application to the Revenue Commissioners for a statement that they have reasonable grounds to believe that the company has such a link. The company will have to confirm that one or more of the following conditions are satisfied by the company:
- the affairs of the company are managed by one or more persons from a place of business established in the State and that person or those persons is or are authorised by the company to act on its behalf;
- the company carries on a trade in the State;
- the company is a subsidiary or a holding company of a company or another body corporate that satisfies either or both of the conditions specified in paragraphs (1) and (2);
- the company is a subsidiary of a company, another subsidiary of which satisfies either or both of the conditions specified in paragraphs (1) and (2).(Section 140(9) of the Companies Act 2014).
The Revenue Commissioners have issued guidance on “a real and continuous link with an economic activity carried out in the State”.
Certificate Issued by the CRO
The application for a Section 140 certificate is made to the CRO on Form B67. This application must be accompanied by the statement issued by the Revenue, made within two months of the date of the application to the CRO, that it has reasonable grounds to believe that the company has such a link.
How Can CLS Help
We can assist with making the application to the Revenue Commissioners and arrange for the Certificate to be filed in the CRO. If you require assistance please contact one of our team on 059 9186776 or send us an email.
Please Note:
Our CLS Insights aims to bring you practical information and news on Company Law and Company Secretarial. We cover the topics that matter to your business and give practical tips and also the benefit our experiences. Please remember this article is a guide and legal advice should always be obtained. If you have any queries please contact one of the team and we would be happy to help.
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