Ireland as a country has emerged as a preferred destination for startups and entrepreneurs in the recent past. From having a pool of talent, good business environment policies, connection to Europe markets, and a culture that supports entrepreneurship, Ireland can be seen as the perfect place to start a new venture. This is some information and steps that have to be taken if you are planning to register a company in Ireland.
When planning to register company Ireland one of the initial important choices that you are likely to make is the legal form of the company to register.
Limited companies are the most common type of business entity for small and medium businesses in Ireland. This structure shields owners of the business from personal risks in the case when the business gets into financial troubles also, it provides for equity financing through sale of shares. A DAC is ideal if you wish to obtain tax exemptions for research or charitable purposes.
Appointing Company Directors
It is mandatory for all companies registered in Ireland to have at least one person who will be legally responsible for the company’s operations as a director. As for most of the smaller firms, it is expected that the director will also own shares in the company. Regulations include that directors cannot be below 18 years of age, cannot be an undischarged bankrupt and must reside in the European Economic Area (EEA).
Selecting a Distinct Business Name
You would need to decide on an Irish company name that is not taken by any other company. It is always recommendable to have a few things in mind in case the first plan is not available. One can search for the availability of a desired company name through the Companies Registration Office database online. The name must then be followed by a company type suffix such as Limited, Ltd, Teoranta or PLC.
Register Company Ireland
Drafting a Constitution
Constitution or memorandum & articles of association are legal documents that contain the details of the company and the way it is to be run. Some of the issues that the constitution addresses may include share capital amounts, procedures for voting rights, responsibilities of directors among others. There are samples of the constitution, but it is advisable that a solicitor go through the constitution.
Minimum Share Capital
When registering to be an Irish limited company, you must declare a share capital amount in your constitution. The minimum is just €1 for a private company. It is well known that the buyer must pay 25% (25 cent) upon signing the contract and the rest of the amount within 5 years.
Registering for Taxes
Newly formed companies have to do corporation tax and VAT tax registration in Ireland. To be more precise, you will have to register with the Revenue Commissioners to get this tax reference number within the first 30 days of incorporation. An accountant can also assist you in determining which taxes are applicable for your business and filing of tax compliance.
Filing Paperwork with CRO
Submission of your constitution and other documents can be done through the internet or through ordinary mail services. This includes the constitution of the company, information about the share capital, details of the director and the shareholders, registered address, the name of the company and the proper registration fees.
Obtain Your Certificate of Incorporation
Finally, after the preparation and submission of the application for registration of the company and its subsequent approval, the CRO will then provide a Certificate of Incorporation. This legally affirms your business as a legal entity in Ireland as provided by the Companies Act 2014. You are unable to proceed in the business until the certificate has been obtained. This final step often occurs 5-10 days after filing the petition.
set up company ireland may seem difficult, but it can be easy if one follows the following steps. Legal and tax advice is also crucial and should be sought at the beginning of the process. If only you put some effort towards it, you are on the right track to establishing your own business in Ireland.