Online signing could save firms €29m
By law, firms must file an annual return to the Companies Registration Office (CRO) with a set of accounts attached and signed by two directors. This was normally done using only hard-copy accounts with hand-written signatures could be filed. Now, an electronic system for filing annual returns with signed accounts is available for the first time at the CRO.
“A PDF set of accounts can now be appended in a way that is as simple as adding an attachment to an email. Company directors can sign these accounts using their Revenue Online Service digital signature, so this is now an entirely paperless filing transaction,” said Minister for Enterprise, Trade and Innovation, Batt O’Keeffe who approved the new procedure.
Filing an annual return to the CRO with a set of accounts attached and signed by two directors costs firms €247 each on average in printing, paper and postage.
The online move is now estimated to cost €45, saving 145,000 firms across the country €200 each, or €29m altogether.
Mr O’Keeffe described the move as another ‘simple and commonsense’ approach to cutting business costs and improving competitiveness. Last week the Government published a four-year plan with specific actions to improve competitiveness across all sectors of the economy including measures to cut costs in energy, waste and transport, broadband infrastructure, professional fees, property and labour.
The move saves the CRO having to re-scan accounts so their presentation to the public on the companies’ register will be faster and clearer.
Mr O’Keeffe said the Government is determined to take costs out of businesses and, since 2007, measures have saved small firms almost €53m.
Earlier this month he announced firms would save more than €13m annually after scrapping the need to reprint headed notepaper with new names each time directorships change
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