Minister for Enterprise, Trade and Employment, Richard Bruton TD published the first part of the new Companies Bill today which seeks to overhaul Irish company law.
The first section of legislation, entitled “Pillar A” consists of 952 sections over a total of 1,300 pages and will have an affect on private companies.
The second part, which encompasses all other company types, is due to be published in 2012.
According to the Minister, Pillar A was published to allow business owners make preparations ahead of the amendments laid out in the bill. He also expects a “speedy enactment” once the bill is complete next year.
Under the law, private companies will no longer be referred to as ‘limited’ or ‘ltd’ but ‘company limited by shares’ or ‘cls’. It will also no longer be necessary to have a second director for a business and AGMs will be abolished under the new law. Companies will no longer be required to have lengthy constitutions and can now be limited to one page if necessary.
Minister Bruton said that these significant changes will make it “cheaper and easier” for people to set up and run businesses in Ireland.
The full version of the bill can be viewed on the department’s website.