Irish Limited Companies are legally obliged to file and submit Annual Returns (B1 Form) to the Companies Registration Office (CRO) once in every calendar year, whether a company has profited from trading or not. B1 Annual Return Filing is a process of submitting to CRO digital document containing key particulars of a company , usually including:

• Company name
• Company’s CRO number
• Date that the return is made up to
• Financial statements (not for the first Annual Return)
• Registered office address and other relevant addresses
• Directors’ and Secretary’s personal data
• Both authorised and issued share capital
• List of members
• List of persons who have ceased to be members since the last return
• Details of shares transferred since the last return, etc.

Due to considerations of transparency, all the Annual Returns are available for public view on the CRO website.

First Annual Return

The Annual Return Date (ARD) for the first company’s Annual Return is exactly 6 months after the incorporation date. Form B1 must be submitted online to Cro within 56 of this ARD.

The distinctive feature of the First Annual Return is that no financial statements are required to be filed.

Second and Subsequent Annual Returns

The deadline for a second Annual Return is 18 months from the date of registration of the company. Any subsequent reports must be submitted every 12 months thereafter within 56 of ARD.

The difference with these filings is that abridged accounts must be delivered to the CRO. An abridged account is a summary of the company’s financial statements – covering profit and loss, assets, income, and expenditure.

What if Anything Goes Wrong – Late B1 Annual Return Filing

Failure to meet the deadline or comply with Irish Company Law requirements entails undesirable difficulties for the company and its officers.

Once an Annual Return has been returned by the CRO because of errors and inaccuracy, it must be fixed and sent back within two weeks.

First, there is a penalty of €100 for late filing that becomes due on the day after the expiry of the deadline. A daily penalty amount of €3 accrues from day 30 onwards, up to a maximum penalty of €1,200 per return.

Second, the company may become subject to audits for the following two years. It’s an expensive and unpleasant procedure.

Third and the worst, the CRO may even strike the company off the register if systematic violations occur. In this case, the company ceases to exist and the whole directorship is prosecuted for the breach of their obligations under the Companies Act 2014.

However, as long as the company adheres to existing laws, the abovementioned is never going to happen.

If your Annual Return deadline is coming up or you need consultation on your company’s compliance, feel free to contact us. Entrust filing and submitting the Annual Report of your company to our Chern & Co dedicated team and we will handle it properly. 

How is the Service Delivered?

1. You contact us any way available. We will answer all your onboarding questions and concerns and not charge extra for that.
2. You’re providing us with scan copy of valid Passport(s) (4 edges visible) and proof of Address(‘s) (bank statement or utility bill that are less than three months old) of the directors and shareholders of the company*.
3. We are preparing an invoice for payment and a service contract. We do not charge you any extra hidden fees or commissions. All governmental fees are already included in our price. You are to pay the exact quoted price.
4. After payment is received, we send you a list of all the information required for our further work, including your personal data, and supporting documents. We will provide you with detailed and comprehensive instructions to this end.
5. You provide us with the file Unaudited Abridged Financial Statements
6. We prepare the B1 Annual Return for your company in a timely way and transmit it to you for consideration and signing.
7. We file the B1 form and Unaudited Abridged Financial Statements to CRO!

*Please note: We are mandated to collect and verify proof of ID and address to comply with Anti-Money Laundering (AML) regulations as well as other legal acts. We value the privacy of our clients and guarantee complete security and confidentiality of all data received.
**Please, keep in mind that B1 annual return filing includes filing B1 form only and does not include the preparation of financial statements. Preparing financial statements for your company is a separate service. The price starts from 350 Eur and depends on the amount of work required. 

Conducting bureaucratic formalities in Ireland has never been easier with Chern & Co. If there are any questions left, please do not hesitate to contact us. Our team will provide you with any extra information.

Disclaimer: The content of this page is for acquainting purposes only and is subject to change. It does not constitute any professional advice. No liability is accepted by Chern & Co for any actions taken or not taken in reliance on the information set out in this article. Professional, legal or tax advice should be obtained before taking or refraining from any action.