Introduction
Welcome to our guide on Dormant Company Accounts in Ireland. Even if your company is dormant—meaning it has had no transactions during the accounting period—you are still required by Irish law to file annual returns with the Companies Registration Office (CRO). This page aims to provide you with valuable information on how to comply with these requirements.
What is a Dormant Company?
A dormant company is one that has not engaged in any business activity or had any other income during the financial year. In essence, the company exists only on paper and has no operational business during the specified period.
Filing Requirements
Accounts to Submit
Despite having no transactions, dormant companies are still required to file:
- Balance Sheet
- Director’s Report
- Auditor’s Report (unless exempt)
- Annual Return
- Irish companies must submit an annual return (Form B1) to the CRO every 12 months, even if the company is dormant.
Filing Deadlines
It’s crucial to adhere to the filing deadlines to avoid penalties and potential prosecution.
How to File Dormant Accounts
Online Filing
The CRO encourages online filing via their CORE (Companies Online Registration Environment) system, which is faster and generally more convenient.
Engaging an Accountant
Given the complexities, it may be wise to engage an accountant experienced in filing dormant company accounts in Ireland. We can file dormant accounts from €249 + VAT
Consequences of Not Filing
Failure to file annual returns may result in:
- Penalties and fines
- Strike-off procedures
- Legal ramifications for company directors
Tips for Filing Dormant Company Accounts
- Plan Ahead: Ensure you are aware of the deadline for filing to avoid late fees.
- Keep Records: Even though your company is dormant, maintain records that confirm the dormant status.
- Review Exemptions: Certain companies may be exempt from audit requirements; check if this applies to your situation.
- Consult Professionals: Due to the legal obligations, consulting an accountant is advisable.
Conclusion
Filing dormant company accounts in Ireland is a legal requirement that should not be overlooked. Neglecting this obligation could lead to severe consequences. If you are unsure about how to proceed, seek professional advice.
Contact Us
For tailored advice and services relating to dormant company accounts, feel free to contact us.
