Sole Trader to Single Director Company Authorisation Process
The Central Bank of Ireland operates a streamlined authorisation process for Sole Traders who propose to become Single Director Companies.
This process applies where the proposed Single Director Company represents a continuation of an existing Sole Trader business, rather than a new business model or expansion or change of ownership.
This process is not available where a firm proposes material changes, including (but not limited to):
- Changes to the business model or activities;
- The introduction of additional shareholders or directors;
- An expansion of regulatory authorisation; and
- Outstanding supervisory or regulatory issues (for example, a Risk Mitigation Programme).
Where such changes are proposed firms must apply through the full authorisation process using the A Form Application Form.
Applicants are required to complete a short confirmations-based form (view a sample PDF version of the form (PDF 498.2KB)). This form is available on request from [email protected], on the Central Bank Portal under ‘Authorisation Applications’. Further information on how to gain access to the Confirmations Based Online Application Form can be found in the accompanying guidance (PDF 443.28KB).
Applicants are strongly advised to read the accompanying guidance (PDF 443.28KB) carefully before submitting an application, as it sets out the eligibility criteria and circumstances in which the new process may not be appropriate.
Sole Traders should not issue notifications to consumers under Provision 3.11 of the Consumer Protection Code 2012, nor submit an application under this initiative, unless they are satisfied that there are no regulatory or compliance issues or concerns associated with the proposed transition. Where such issues exist, or where there is uncertainty, Sole Traders should engage with the Central Bank before proceeding with the notification to consumers.