Reduced administrative burden for co-ops with new legislation
Minister for Jobs, Enterprise and Innovation, Richard Bruton published new legislation today that aims to conquer many of the issues faced by co-operatives at start-up and for regulatory and financial operations.
Reporting and accounting restrictions will be eased, in addition to the relaxation of red tape required by non-agricultural societies for fundraising.
Individual societies will now be given the power to set their own limits on in-house shareholding while cancelled societies can be restored to the register more easily under the new legislation.
The announcement comes after government fee reductions last year for cooperatives and is aimed at sustaining the progress the Government has made in the economy, says Minister Burton.
“As we recognised in the Programme for Government, forms of enterprise organisation other than the company can play a role in meeting needs in different sectors, and I am determined to ensure the legislation governing these models supports business development and that the burden of red tape is kept to a minimum,” he says.
“This legislation addresses particular problems which have been identified in the co-operative sector, and will help ensure that this model can thrive and grow to its potential.”