To open a business in Ireland you firstly need to be incorporated. This means becoming an official business and being registered with the CRO (Companies Registration Office). Here at Irish Formations we provide a smooth and easy company set up service. Below is a comprehensive guided checklist on everything you need to open a business in Ireland. Our team here at Irish Formations are dedicated to helping you get established accurately, efficiently, and briskly.
How To Set Up A Company In Ireland
- To establish a company in Ireland, you must have key stakeholders (director, company secretary, and shareholders), an address within the country, share capital, and a distinctive company name. Our guide will take you through these essential requirements to ensure a clear understanding of the process involved in setting up a Limited Company in Ireland.
- Once you have gathered these elements, the next step is to prepare Form A1 and a constitution, which must be submitted to the Companies Registration Office (CRO) in Ireland. If you are unsure about how to prepare these documents, don’t worry; we are here to assist you throughout the process.
- Furthermore, after your company is successfully established, there are annual accounting requirements that must be followed. We will guide you through these requirements, providing you with a comprehensive checklist of everything you need to know when setting up a Limited Company in Ireland.
Which Company Type To Choose From
- The most common type of company is the private limited company, which offers limited liability, allows one or more owners, and does not publicly trade shares.
- For larger businesses, the public limited company is suitable. They can offer shares to the public but have more regulatory obligations.
- Companies limited by guarantee are typically nonprofit organizations. The liability of members is limited to a specific amount, and they do not issue shares.
- Unlimited companies have no liability limit, and members are personally responsible for the company’s debts.
- Foreign companies are incorporated outside Ireland but have a place of business within the country.
- Additionally, there are specific types such as designated activity companies, investment companies, and industrial and provident societies, each serving different purposes and following specific rules. Every company type has distinct registration, governance, reporting, and compliance requirements with the Companies Registration Office in Ireland.
What Is A Limited Company?
- Private Limited Company (LTD) A Private Limited Company, often referred to as LTD, represents one of the most prevalent business structures in Ireland.
- Limited Liability One of the significant advantages of a Limited Company is its limited liability, which means that the company directors and shareholders are typically only held responsible for the amount they have invested in the business.
- Distinct Legal Entity A company is considered a separate legal entity, enabling it to secure loans, engage in contractual agreements, and face legal proceedings independently from its directors and shareholders.
Incorporating Your Company: Everything You Need
At least 1 Director:
You must have a director who is a resident within the EEA. If they are not an Irish resident, you can purchase a non-resident or section 137 bond. During the incorporation process, all directors must provide a PPS number. If they do not have a PPS number, they can choose an RBO (Received Beneficial Owner) or apply for a VIN (Verification Identity Number). Our team will provide the necessary form to apply for a VIN, making the process convenient for you.
Appoint a Company Secretary:
If you have only one director, you must appoint a separate company secretary. If you have multiple directors, any of them can also act as the secretary. The company secretary ensures compliance and meets annual deadlines. If needed, we offer a nominee secretary service, where a third party acts as the secretary, but please note that they do not engage in any secretarial duties. Most post-incorporation duties are covered in our premium company formation packages.
Have at least one Shareholder and Decide on Share Allocation:
Every company requires at least one shareholder, who owns the business. It is common for the director and/or secretary to be shareholders. It is crucial to allocate and issue shares correctly, as they determine legal ownership.
Decide on a Company Name:
The company name must be unique and not similar to any other. The CRO is strict about this, so careful consideration is essential. As part of our incorporation service, we can conduct name checks and liaise with the CRO in case of name rejection. To avoid complications, using our third-party name check service before submission is advisable.
Have a Registered Address and a Trading Address:
A registered address is the official legal address of your company, which must be a physical location in Ireland. People often outsource the registered address for convenience, as important notices are sent to this location, and it is publicly accessible through the CRO website. Your company may have a separate business address for receiving business-related mail. For tax purposes, Revenue must be informed of the exact address where your business operates (trading address), but having a separate trading address is not mandatory during company establishment.
Prepare and Sign the Incorporation Documents:
Once you have gathered all the required information, you can fill out the incorporation documents. Our team will assist you throughout this process, ensuring a smooth experience. These documents can be handled remotely and sent via email for your convenience. We strive to make the entire process as simple and easy as possible for you.
After Incorporating Your Company
After you have gone through all of this process with our team here at Irish Formations, you will receive official documents via email and also shipped out to you. This now means you have a company. After this there will be a number of obligations you need to complete to keep your company compliant. Not keeping your company compliant can lead to harsh sanctions and even companies being struck off the official company registrar. It is important to stay compliant from the beginning. Below is a guide of everything that needs to be completed.
- obtain a company seal and register – this is the official stamp and place of holding for all your company documentation.
- File your first annual return – we thankfully provide this service with our premium packs. It needs to be filed precisely 6 months to the day, after your incorporation date.
- Register your beneficial owners – You will need to register your beneficial owners with the RBO. This means anyone who receives 15% or more shares of the company. This is again included in our premium package.
- Register For Tax – We also include this in our premium packs. It is necessary to register for tax before you start trading. For any further help after registration we can refer you to an accountant.
- Set up your business bank account – you may also want to set up your business bank account. We can give you a referral for this.
Ready To get Your Business Started?
If you have read everything above and feel you are ready to start your incorporation then get in touch with us today! If you still have some questions then please do not hesitate to get in touch. Here at Irish Formations we are experts on company set up and can ensure your set up is done accurately, efficiently and briskly. Setting up your own company may seem daunting but were here to help every step of the way. Contact us today for your company set up!
