DAC
A company limited by shares whose constitution sets out its objects. Used for regulated, financing and special-purpose companies.
A DAC is limited by shares like an LTD, but its constitution (a memorandum and articles) lists the activities it exists to carry on. Regulators, lenders and parent companies often prefer that defined scope.
A DAC needs at least two directors and a secretary. At least one director of an Irish company must live in the European Economic Area. The test is where they live, not their nationality, and a director living in the UK no longer counts.
The name ends in “Designated Activity Company” or “DAC”, or the Irish equivalent.
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DAC
A designated activity company with an objects clause, prepared and filed with the CRO.
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