The Companies Registration Office (CRO) has recently published its annual report for 2023, with interesting takeaways including; 

• With the extension of mandatory online filing for forms during 2023over 40 CRO forms are now online only. 96% of submissions filed with CRO were filed electronically.

• Enforcement activities resumed in July 2023 for a period and the first strike off notices were issued in October. This was then paused in December as issues arose in relation to publications in the Gazette.
• 6,227 companies were voluntarily struck off in 2023 compared with 6,376 in 2022
• In keeping with the trend of previous 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. 
• 22,384 Companies were incorporated in 2023 compared to 21,434 in 2022.
• 306,559 Irish companies were in existence on the register at the end of the year, resulting in 519,048 submissions being filed with the CRO during 2023. Private limited by shares companies make up 88% of all companies on the register.
• In 2023, a total of 393 companies re-registered to a different company type, an increase on the figure of 361 in 2022. With the most common registrations being ULC, LTD and DAC.

• 192 New Externals Companies were registered in 2023 with 151 of these applications being from non-EEA countries.

• The increase trend in number of Companies who make applications to the High Court or District Court under S.343(5) continues with the CRO receiving 1299 notices of application in 2023 compared to 879 in 2022 and 594 in 2021.

• The CRO issued 1,280 letters of Acknowledgment/No Objection
• 3 applications were refused by the court
• No applications were withdrawn
• 115 applications were adjourned to 2024

• In comparison, the number of companies which were restored to the Register in 2023 was 62 while in 2022 this number was 96. This is continuing to follow the trend we have seen in recent years as in 2020 the number of restorations was 140.
• 38 were court-ordered restorations and 24 were administrative restorations.

What to expect in 2024?

It is expected in the coming months that the pause involuntary for the failure to file annual return will recommence. With that and from the trends we have seen in our office, there will be a significant increase in companies applying to the high court and district court for extensions of time to file their annual returns and voluntary strike-offs.

The Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 is currently being drafted and significant changes are expected in all areas of company law and corporate governance and this will in turn affect the operations of the CRO and submissions that are filed with them. More information on this can be found here.

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 author/s 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.