The officers of the External Company will have to decide whether or not its activities in the Republic of Ireland come within the definition of a ‘branch’. Does it have an appearance of permanency, a local management system and can it negotiate business with third parties?
From 9 June 2018, the type of foreign undertakings, or external companies, which establish a branch in Ireland, that will become obliged to register with the Irish Companies Registration Office (“CRO”) and file financial statements with the CRO annually, will broaden.
As currently implemented, there is no obligation for an external company, whose shareholders have unlimited liability, to register as a branch with the CRO or file financial statements. However, the commencement of Section 80 of the Companies (Accounting) Act 2017 on 9 June will mean that an unlimited liability external company, that is a subsidiary of a limited liability body corporate, and which has a branch in Ireland, will be required to register the branch with the CRO and file financial statements of the external company.
Here we set out the obligations for foreign undertakings that are already established or which will establish a branch in Ireland.