The European Union (Adjustments of Size Criteria for Certain Companies and Groups) Regulations 2024 increases the balance sheet and turnover thresholds for ‘micro’, ‘small’, ‘medium’ and ‘large’ companies in the Companies Act 2014 by 25 per cent.

The change in size will mean that more companies will move into the micro and small categories.

The new regulations will take effect from 1 July 2024 and the new thresholds will apply for financial years commencing 1 January 2024, with companies also having the option to apply them from 1 January 2023.

Enterprise, trade and employment minister Peter Burke said: “We have moved as quickly as possible to give effect to these new rules, to maximise the benefit of the reduction in reporting obligations and cost burden to companies, and to make a real difference in easing the cost of doing business, especially for our small companies, in key sectors, across the country.”

Dara Calleary, minister of state for trade promotion, digital and company regulation, added: “These new regulations are consistent with the government’s intention to reduce the administrative and regulatory burden on Irish enterprise, and I am pleased to note that the highest benefits will be to small companies who are the lifeblood of our local economies across the regions.”