Change to laws costly for business

More inter-national companies may restrict their Irish presence to branches rather than full subsidiaries as a result of recent changes to Irish company law, the Institute of Chartered Accountants in Ireland (ICAI) said yesterday.

Change to laws costly for business

The ICAI’s comments referred to the working of the Directors Compliance Statement, a new requirement.

ICAI President, Terence O’Rourke said: “We believe that a significant consequence of the guidance, as it is currently drafted, will force many companies to establish layers of ‘red-tape’ and bureaucracy not envisaged by the legislature with consequent increases in costs for Irish businesses.”

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