The number of incorporated companies in Ireland in 2000 increased by 1.1 per cent on 1999.
According to the Companies Report 2000 which was published today, 92 per cent of companies filed returns last year in comparison to 57 per cent in 1999.
In addition the Government introduced legislation to curb the misuse of off-shore accounts while a director-designate of company law was appointed and will formally take-up office next month.
Speaking at the launch of the report earlier this morning, Mr Noel Treacy, Minister for Science, Technology and Commerce said the Governments objective of fully enforcing the Companies was now a day-to-day reality and noted the "stepping up in enforcement activity."
"With the establishment of the Office of thc Director of Corporate Enforcement, there will now be a fully dedicated and resourccd office able to ensure that all breaches of the Companies Acts were appropriately and adequately dealt with," Mr Treacy said.
"The Office of the Director of Corporate Enforcement will considerably enhance the quality of day to day corporate governance here, and is a constructive and evenly balanced approach to issues presented in recent company law inquiries, Tribunals and indeed the 1999 Public Accounts Committee examination into the operations of DIRT".
Other highlights of the report include:
- The number of directors restricted by the Courts at years end was 113.
- The Company Law Enforcement Bill, 2000 was published on 30 June, 2000.
- The Report of the Review Group on Auditing was submitted to the Public Accounts Committee (PAC) on 11 July, 2000.
- Legislation to tackle the problem of Irish Registered Non Resident companies (IRNRs) came into force in 2000.
- Disclosure of directors' remuneration for PLCs is now required.