Registering an LP in Ireland - changes in the rules in 2021

Registering an LP in Ireland - changes in the rules in 2021

Significant changes were made to Irish corporate law in late 2018. This applies to a process such as registering a partnership in Ireland.

A monitoring service of YB Case, tracking the latest information from Ireland, has found innovations in establishing partnerships/LPs in Ireland. In addition, we noted changes in the local registry of beneficiaries.

In this case, we are talking about introducing some new prerequisites for non-residents of Ireland, so, if you decide to open a company in Ireland or register a partnership in Ireland, keep in mind, that these changes apply to both private investors and enterprises, intending to register an LP in Ireland.

According to the regulations, new requirements have been established with the aim of tightening control over the investment business in the country. So, every entrepreneur, who intends to register a business in Ireland and, accordingly, open a bank account in Ireland, will need to confirm the seriousness of their intentions.

Today, the Irish LP registration process provides for a general partner of a non-resident company to receive special permission to set up a partnership from the Irish Ministry of Justice (Green- or GNIB-card, if the general partner is an individual). If the non-resident enterprise acts as the general partner, he will first be required to open a branch in Ireland.

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It is interesting, that as a so-called limited partner there can be an individual, representing any jurisdiction (a residency of any state). And, if a legal entity claims for this role, in order to register a company in Ireland, it will be necessary to present a package of statutory documents.

According to Irish law, previously established companies in Ireland are not subject to these changes.

YB Case Note: Irish Department of Finance in 2018 also released the information on the release of the LTD beneficiary registry in Ireland. If you decide to open a LTD in Ireland, this information can be extremely useful to you. An LP form does not apply to the Irish Beneficiary Register.

YB Case specialists are always aware of changes in the market. We are ready to support you not only in opening a company in Ireland, but also in buying an existing company in Ireland. You can also open a company in England or establish a company in Wales with our assistance.

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