The Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024, published yesterday, will also make a number of reforms to the State’s company law regulators.

The bill will also assist small and micro companies by removing the automatic loss of the audit exemption in respect of their first instance of late filing with the CRO and replace it with a graduated regime.

Enterprise, trade and employment minister Peter Burke said: “This bill will ensure the Corporate Enforcement Authority, the Companies Registration Office and the Irish Auditing and Accounting Supervisory Authority have the appropriate legislative tools to investigate and prosecute breaches of company law.

“It is vital that Ireland has a solid framework which allows enterprise to flourish, supports a competitive economy and reinforces Ireland’s reputation as an attractive place to do business.”

Dara Calleary, the minister of state for trade promotion, digital and company regulation, added: “I am delighted to see that this bill provides for pro-enterprise measures for SMEs including the introduction of a graduated regime in respect of a first instance of late filing with the Companies Registration Office.

“The new regime will replace the automatic loss of the audit exemption which will save time and money for thousands of small and micro companies.

“I look forward to bringing this bill to the Oireachtas to get this legislation progressed as a matter of priority.”