The new Companies Act introduces name changes to a number of company types. It also sets out a “conversion” process required for all existing private companies limited by shares (EPCs) into one of two new company types.
This “conversion” procedure affects approximately 85% of Irish registered companies which are currently Private Companies (Limited by Shares). The new Companies Act doesn’t just consolidate all the Companies Acts from 1963 to 2013, it also introduces two new company models, one of which (the LTD company) is a much simplified company type.
All companies currently registered as the “Private Limited by Shares” company type must choose to convert to one of these two new company types - LTD (Private company limited by shares), or DAC (Designated Activity Company). Guarantee companies and unlimited companies will be required to change their names under the new Act.
No fees will be charged for companies undergoing the Conversion process or meeting the name requirements under the new Act. The relevant conversion documents may be filed for free.