The Companies Registration Office (CRO) has published its annual report for 2022, with interesting takeaways including;
- Similarly to past years, the number of new companies being added to the register has exceeded the numbers being removed as a result of the pause on involuntary strike offs which is currently in place.
- 21,434 Companies were incorporated in 2020 compared to 25,468 in 2021 with a total number of 287,877 in existence in the Registrar.
- 248 New Externals Companies were registered in 2022 with the most common application from the United Kingdom.
- In 2022 no companies were involuntarily struck off the Register while 6,376 companies were struck off voluntarily, a decrease on the figure of 7,033 in 2021.
- The increase trend in the number of Companies who make applications to the High Court or Direct Court under S.343(5) continues with the CRO receiving 879 notices of application in 2022 compared to 594 in 2021 and 342 in 2020. From such applications in 2022 only one application was refused.
- In comparison the number of companies which were restored to the Register in 2022 was 96 while in 2021 this number was 140. A trend in decrease in restorations seems to be developing as in 2019 the number of restorations was 232.
As a result, mandatory online filing for forms from March 2020 which included; Mortgages C6 & C7, Solvency E2, E2A, E2B, E2C, E3, E4, E5, E6, E7, E8, E9 & E11, General Forms G1 & G2, and Enforcement H1 & H15, 94% of all documents filed with CRO in 2022 were filed electronically compared to 89% in2021.
What to expect in 2023?
It is expected in the coming months that the pause involuntary for the failure to file an annual return will recommence. With that, it can be assumed that there will be a significant jump in those extending extensions of their annual returns and voluntary strike-offs.
If you require assistance or advice, please contact our Company Secretarial team on 053 91 000 00 or email [email protected]
The contents of this article are meant as a guide only and are not a substitute for professional advice. The authors accept no responsibility for any action taken, or refrained from, as a result of the material contained in this document. Specific advice should be obtained before acting or refraining from acting, in connection with the matters dealt with in this article.