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News & Publications - News Article
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| New Rules Allowing for the Reservation of a Company Name Prior to Incorporation, September 2009 |
The commencement of Sections 59 and 60 of the Investment Funds, Companies and Miscellaneous Provisions Act 2005 (the “Act”) means that with effect from 1 September 2009 an applicant may now apply to the Registrar of Companies to reserve a specified name for a company prior to the incorporation of the company under that name. Previously, it was not possible to receive prior offi cial clearance of a proposed company name.
Pursuant to Section 59 of the Act, if the proposed company name is acceptable to the Registrar, the applicant will be notified that the proposed name is reserved for a period of 28 days. During this period no company may be incorporated with the reserved name save on the application of the applicant in whose favour that name is reserved.
The Registrar will not permit the reservation of a name which is identical or similar to a name already on the Register of Companies or a name which, in the Registrar’s opinion, is undesirable.
Pursuant to Section 60 of the Act an applicant in whose favour a name is reserved may, before the expiry of the 28 days, apply to the Registrar for an extension of the 28 day period. On receipt of such application the Registrar may extend the 28 day period for an additional 28 days. If a further extension is required the applicant must re-apply under Section 59 of the Act.
Applications under Section 59 of the Act are subject to a prescribed fee of €25. Applications to extend the 28 day period carry an additional fee of €25. However, if the application to incorporate a company with the reserved name is made before the expiry of the extended period the incorporation fee for that application will be reduced by €25.
Applications to reserve a specifi ed name may be submitted to the Companies Online Registration Environment service available on the CRO website www.cro.ie If the Registrar determines that the proposed company name is acceptable a certifi cate will issue to the applicant within 5 working days. This certificate should be submitted with company formation papers to the CRO.
If you have any questions in relation to the above, please feel free to contact:
or your usual contact in McCann FitzGerald.
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