The Register of Beneficial Ownership (RBO) opened on 29 July 2019.
Every company, friendly society and industrial and provident society in Ireland only has until 22 November 2019 to file their Beneficial Ownership Register. Companies that fail to do so are in breach of their statutory duties and the Money Laundering Legislation effected by SI 110 of 2019.
Failure to comply with these regulations may result in penalties between €5,000 – €500,000.
The filing of the data, once it is done correctly, is not an onerous process for the vast majority of Irish companies. There are challenges for companies limited by guarantee, charities, property management companies and companies who the beneficial owners are not the publicly named shareholders.
Many accountants see this process as another compliance burden but we see it as something which must be done by all Irish Companies and it presents a rare opportunity for accountants to promote and profit from the provision of a valuable compulsory extension service.
The Register of Beneficial Ownership (RBO) – The Opportunity
Significant numbers of accountants we have spoken to were initially planning on “sucking it up” and absorbing yet another compliance and regulatory cost into existing fees. The fees currently being charged often do not represent the value that the client receives. However, on discovering our proposed positioning and communication strategies, these same accountants instantly changed their approach.
In the space of one short conversation with Des, one firm owner had identified an additional €30,000 revenue, while another accountant has already reported well over €9,000 in additional bottom-line profits. The best part is none of the work had to cross their desks or that of their senior accountants.
In this webinar, Des O’Neill shares everything you need to implement the same strategies in your firm and seize this opportunity while at the same time creating a deeper relationship with your clients.
Des will give you the template letters and communications, template Company Law requirements brief, template proposal, template Professional Services Agreement and template change order form. Everything you need to start the process today.
In addition, he will also brief you on how to position, market and deliver the entire process.
The “copy and paste”, “done for you” documents that will be available to download in word format include:
- Beneficial Ownership Register Initial Letter to Client
- Beneficial Ownership and Annual Company Law Requirements
- Beneficial Ownership Register Trojan Horse Proposal
- Your Business Options Proposal
- Your Business Advisory Professional Services Agreement
- The Accountants Change Order
Opportunities like this don’t come along very often.
The feedback from accountants that I have shared this with so far is that the process is paint by numbers, and guarantees not to just generate additional revenues today, but far into the future.
The best part of all, even if you are at capacity, we have a solution for that too.