A step by step process on how to set up a company in Ireland 

Updated 18/08/2023

Setting up a Private Limited Company in Ireland is easy with Irish Formations, but there are things you need to know before you get started to understand How to set up a company in Ireland. Ultimately, once you place your order we take you through the full process at every stage. This is our essential guide on how to set up a company in Ireland.

“We look after the entire process when forming a company and if you need to speak to us first just contact us at any time. We will work what you need and what you do not need. “

What is a Private Limited Company?

A Private Limited company with Shares (LTD) is the most popular vehicle company type in Ireland as it is the most flexible and is the easiest to manage and change, especially remotely from another country.

It has limited liability. The shares in the company are owned by its shareholders. If the company is a limited liability company, the shareholders’ liability, should the company fail, is limited to the amount, if any, remaining unpaid on the shares held by them.

It is a Separate Legal Entity. The company has a legal existence separate from management and its members. If legal action is taken it is against the Limited Company, and not the Individuals within it.

The vital steps how to set up a company in Ireland

1. Decide on your limited company name. We will guide you through this process.  Your name should be researched for availability by your agent (us), to minimize the chance it will be rejected. We do this. Please see our guide to choosing a limited company name. It cannot be the same as another name or phonetically similar as a name on the register. Our name checking facility on our home page will give you an idea if its available.

2. Advise us on the sector your company will be active. We will use this information when incorporating your company. Under the new companies act an “Object Clause” is no longer necessary as the new companies act allows for multiple activities.

3. Decide on your company type. Will you be setting up a Private Limited Company with Shares, or a Designated Activity Company (DAC)? We can advise on company types when you contact us. The most popular type of company to incorporate is an LTD or provide limited company with shares.

4. Where is your registered office located? Every company in Ireland is required to have a registered office address within the state. This cannot be a P.O Box number. Irish Formations provides registered office addresses to thousands of companies and we provide Mail Scanning and processing as standard. We also provide telephony services if required. These services are available on our Virtual Office page. Call answering can always be added to your services at a later stage.

5. Decide on your share structure. You will need to consider Authorised, and Issued share capital as well as values for each. We set up these shares in a way to minimize cost in the future if you wish to issue further shares. Issued share capital is set up and taken from Authorised shares so that they can be distributed to the subscribers. Shareholders can be persons or another company anywhere in the world. We recommend a simple structure of 100 shares valued at €1 each.

6. Who are your shareholders going to be and what is the distribution set up for your shares? We will collect this information and incorporate it into your application. The most popular share structure is a simple one.  A single share cannot be split so its important to issue the appropriate number of shares if being split equally between three shareholders.

7. Do you require a Section 137 Non Resident Directors Bond? This form of insurance is required if you do not have a Director living in the European Economic Area. The EEA consists of the member states of the EU, (Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, & Sweden plus Iceland, Liechtenstein and Norway.

8. Your application is then made by us. All you need to do is sign the pages we give you and the rest is done for you. We engage with the CRO if necessary thereafter. Documents can be signed digitally and emailed back to us. If you are purchasing a Section 137 Bond then for now this must be posted back to us. Section 137 Bonds are applied for first before the company and when we receive the bond documents from the insurance company we put them together with your signed papers and the company is incorporated within 3-5 working days.

9. Do you require a Bank Account in Ireland? You will not be able to open an account unless your RBO filing is compliant, and we ensure that it is. We provide this as part of our Premium Package. Your options are

1. We refer you to two banks that we are channel partners with once your company is incorporated. www.fire.com and www.revolut.com work with us on a referral programme. We will send you a link that you will use with your company number to process the bank account opening process.
2. You approach either www.aib.ie or www.boi.ie the two main retail banks in Ireland yourself with your Irish Company. Ask about remote opening.
3. You talk to your own bank about the possibility of opening a bank account in Ireland with your newly incorporated Irish Company.

Once we have all the above information we carefully prepare all your forms and email them to you. You can check and if necessary make changes to the Company Formation forms to ensure you are completely happy with the information. The forms are then emailed back to us and we submit them to the Company Registrations Office. If you would like to talk to the Managing Director about the process please feel free to click the chat button below and leave your details.