Brexit and Irish Companies with English resident directors

As we get closer to the Brexit date with no agreement in sight it is becoming a very real possibility that the UK will leave the EU with no deal in place.

Should this situation become a reality, Section 137 of the Irish Companies Act 2014 will come into play. This states that Irish companies are required to have at least one director resident in the European Economic Area (EEA). Therefore, in the event of a hard Brexit, come 12 April 2019 the UK will no longer be part of the EEA.
Any Irish limited company having English resident directors will be in breach of Section 137 Companies Act 2014. In order to avoid this situation the company will have to appoint an EEA based director and show that it operates in Ireland with an employee base activity. Alternatively the company concerned can arrange for a Section 137 Revenue Bond to be put in place which is currently priced at almost 2000 euros.

Ray Rushe