Central Bank of Ireland Issues Guidance on Sole Trader Incorporation as Single-Director Companies (centralbank.ie)

• Streamlined incorporation process for existing sole traders with no material change.
• Mandatory two-month consumer notification before transfer.
• No new fitness and probity submissions needed if role unchanged.
• Application acts as sole trader revocation request.

"The Central Bank of Ireland has published guidance for existing authorised sole traders wishing to incorporate as single-director companies without material changes to business, ownership, or operations. The streamlined process applies only if the business model remains unchanged. Key requirements include a two-month consumer notification period, maintaining Professional Indemnity Insurance during transition, and ensuring the new company is registered with the Companies Registration Office. The existing sole trader authorisation will not be revoked until after the notice period. Fitness and probity submissions are not required if the same person holds the same role."