Updates from the Companies Registration Office

The CRO is working towards the end of May for the implementation of changes, such as allowing companies to retain their audit exemption despite one late filing within a five-year period is a welcomed development. We look forward to seeing the formal confirmation and guidance in due course.

Audit exemption

The Companies Registration Office (CRO) is aiming to implement changes to the audit exemption by the end of May. This change will allow companies that file late once within a five-year period to retain their audit exemption. The implementation requires updates to CORE, the CRO’s online filing system. A commencement order will then be signed to specify when the section will take effect and which financial years it will apply to. We will provide an update as soon as these details are confirmed.

Involuntary and RBO strike off

The CRO has started striking off companies that lack a director or company secretary. However, they have not yet set a date for resuming involuntary strike-offs for companies with late annual returns.

The Register of Beneficial Ownership (RBO) has begun proceedings against companies that have not filed their RBO information. Companies must file with the RBO within five months of incorporation. The Registrar may either initiate court proceedings against late filers or refer their names to the CRO for strike-off. Companies will receive two notices before any proceedings are taken.

Open data portal

The CRO has launched its Open Data Portal, which publishes the ‘Companies Records’ dataset, providing a daily snapshot of key details for all companies. Historical financial statements are also available. The CRO will remove the fee for downloading financial statements from its website. For more information on the Open Data Portal, click here.