The Government is acutely aware of the problems that some Irish registered non-resident companies are giving rise to and of the urgent need to put measures in place to address these problems. An IFSC working group made up of representatives of the Departments of the Taoiseach, Finance, my own Department, Revenue, Central Bank, the IDA and some private sector interests who are members of the IFSC Banking and Treasury Committee has been actively considering proposals over a wide area in an effort to come up with workable solutions to what is a difficult and complex issue.
Among the proposals being considered are some in the company law area put forward by my Department, which is being assisted in its deliberations by Forfás, IDA and Forbairt. While I am not in a position to give details of possible legislation at this stage the broad thrust of whatever action is taken in the company law area will be aimed at a tightening up of the registration process consistent with avoiding the imposition of undue cost and administrative burdens on business at large. A key challenge therefore will be the achievement of a proper balance in this area. The Government will respond swiftly to any reasonable proposals emerging.
In the meantime the Companies Registration Office which has been allocated additional resources in the past 12 months is now in a much better position to monitor compliance of companies with existing company law requirements as regards the making of annual returns and such like and to respond more effectively and speedily where non-compliance is occurring.
