Forming A Company In Ireland

Your Essential Company Set Up Checklist:

1. Have At Least One Director
   
   When it comes to forming a company In Ireland the initial and crucial step in setting up your company is to appoint a director, and you must have at least one director to proceed with a Private Limited company with Shares. In many startup companies, the directors and shareholders are the same individuals, as they focus on building and growing the business together. For all Irish companies, it is mandatory to have at least one director who is a resident of an EEA/EU country. However, if a company in Ireland has only non-EEA resident directors, they must obtain a non-EEA resident bond known as the Section 137 Bond.  On the other hand, non-EEA/EU resident directors can establish an Irish company without purchasing a bond if at least one director resides in an EEA state, such as Ireland. In other words, you need to have two directors, and one of them must be a resident of an EEA country. All directors must obtain a Personal Public Service (PPS) Number if the Director owns more than 15% of the shares in the company. If you do not already have one, you can apply for a Verification Identity Number (VIN) through Form VIF.
2. Choose A Company Secretary
   
   If your company has a sole director, it is essential to appoint a separate company or person as Secretary. However, in the case of two or more directors, one of them can also take on the role of the company Secretary. Irish Formations can take on the role of Nominee Secretary. The company Secretary holds a primary responsibility, ensuring that the company meets its statutory Deadlines. Collaborating closely with the Accountant, they work to guarantee the timely filing of financial statements. Late filing of the Annual Return can lead to hefty fines, and the financial statements may need auditing for a two-year period. To avoid any risk of missing the Annual Return deadline, we will remind you of these obligations.
3. Have At Least One Shareholder
   
   The shareholders represent the owners of your company. Directors do not have to be Shareholders and vice versa. If you are establishing a company with a co-founder, you might contemplate shareholders’ agreements and voting rights. However, it is essential to understand that such agreements are not mandatory when setting up a company in Ireland.
4. Choose A Company Name
   
   When considering the setup of a Limited Company in Ireland, the company name typically takes precedence in your thoughts. However, it’s essential to be aware that the Companies Registration Office (CRO) maintains strict guidelines regarding company names. The chosen company name must be unique. This ensures it stands apart from other names already registered in Ireland and complies with the prescribed company name guidelines. The Registrar conducts thorough checks to verify the uniqueness of your proposed name. If it bears too much resemblance to existing names on the company register, the Registrar can request resubmission with a different name. To streamline the process and save time, it’s beneficial to enlist the services of a company formation specialist, like our team at Irish Formations. You need only provide us with your proposed company name, and we’ll handle all the necessary procedures for you.

5. Have Two Addresses: Business Address and Trading Address
   
   The registered address, which refers to the official legal address of your company, must be a physical location situated in Ireland and regularly monitored. Consequently, many companies choose to purchase a registered address for this purpose, as essential notices are often sent there. It’s important to note that this address is publicly available on the CRO website. You have the option to outsource it to a regulated ROA provider like ourselves when forming a company in Ireland.
   
   Now, let’s explore the concept of a business address. This address serves as the location where your company’s business-related mail, such as invoices, is received. It’s also the central hub for day-to-day communication regarding the company’s operations.
   
   However, it’s crucial to keep in mind that, for tax purposes, the Revenue will still require information on the exact location where your business conducts its operations, known as the trading address. To maintain clarity and compliance, it is recommended that the trading address is kept separate from the Registered Office Address. We offer this service at our second address.
6. Prepare And Sign The Incorporation Documents
   
   Once you have fulfilled the prerequisites mentioned above, you are all set to incorporate your company. Set up a company online through our portal by outsourcing to a company formation specialist, like Irish Formations. It typically takes 5-10 days to process your new company application once it is submitted.