Companies Act 2014 section 137

Company to have director resident in an EEA state

Section 137 requires every company to have at least one director who is resident in a state within the European Economic Area, or alternatively to hold a bond of €25,000 to cover potential fines and penalties.

• At least one director of a company must be resident in an EEA state, unless the company holds a qualifying bond
• As an alternative, the company may hold a bond worth €25,000, which covers certain fines under the Companies Act and tax-related penalties under the Taxes Consolidation Act 1997
• If the company fails to pay such fines or penalties, a nominated person appointed by the Registrar or the Revenue Commissioners can draw down the bond to discharge the company's liability
• Non-compliance is a category 4 offence for both the company and any officer in default, and an alternate director does not count for the purposes of meeting the EEA residency requirement

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