Update Register of Beneficial Owners (Note for Company shareholders)
The Deadline for submission 22nd November 2019
The Companies Registration Office has sent out details to many clients noting the Register of Beneficial Owners (RBO) needs to be submitted on or before the deadline of 22nd November 2019.
Some information below on how to update this register before the deadline.
If this portal accepted details we have on file for your business based on what is in the CRO for your company, we could have looked after this very quickly and at a minimal cost to you however, the system works based on your SOCIAL WELFARE details, which, in many circumstances, do NOT match what is on the CRO for many individuals.
In order to update this record, it’s most efficiently done by every individual of each company to enter their own details.
In order to update your company’s record, you use the website of www.rbo.gov.ie.
The details supplied to the register need to match your details on the Social Welfare office. If they don’t match, this will not be accepted.
My own personal record with social welfare was incorrect and needed amending. No other person can do this with social welfare on my behalf and therefore, that’s why I believe this is best done by each shareholder.
In order to update your company record, I’ve made a note below of how to do it very simply. You do not need to allow much preparation time to gather the information.
Beneficial Owners are defined as owning (directly or indirectly) more than 25% of the company’s shares / Controlling (directly or indirectly) more than 25% of the voting rights.
See here for the full definition under Q4 – Defining who is a Beneficial Owner – https://rbo.gov.ie/faqs/reasons-for-rbo-beneficial-owners-submission-rejection.html
Before you start:
First, you will set up an account with the RBO. This takes a minute or two only.
You will need your PPS number to hand and you will need to know what percentage of shares you hold in your company.
Then search your company name.
Immediately on the system you will see if the form is submitted, rejected or registered.
If rejected, there is a section stating why. This will need to be corrected before you can lodge again.
The system will email you immediately stating it was submitted, but then a second email tells you whether it was accepted or rejected.
Tip for processing:
Enter one shareholder at a time. That way it is clear which shareholder information may be wrong if one gets rejected.
Send this email to each shareholder / UBO of your company and request they fill it in themselves to ensure it is done correctly.
Have a lovely week
Wendy
