Incorporating A Company In Ireland

Key Steps For Incorporating A Company in Ireland

1. Have At Least One Director
   
   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. The director plays a pivotal role in managing the company on behalf of its shareholders. 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. This requirement also applies to UK-resident directors seeking to establish a company in Ireland as non-resident directors. 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. It is frequently observed in new businesses for the director also serve as the company’s shareholder. 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.  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. With our Company Formation Ireland Service, we conduct a company name check on your behalf. 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 is the official legal address of your company, and it must be a physical location within Ireland that is regularly monitored. Many companies choose to acquire a registered address specifically for this purpose, as important notifications are often sent there. It’s crucial to note that this address is publicly accessible on the CRO website and can be outsourced to a regulated ROA provider like our company.
   
   On the other hand, the business address serves as the location where your company’s business-related correspondence, such as invoices, is received. It is the place where day-to-day communication regarding the company’s operations occurs.
   
   It’s important to be aware that, for tax-related purposes, the Revenue still requires information about the precise location where your business conducts its operations. This location is known as the trading address. It is advisable to keep the trading address separate from the Registered Office Address, and we provide this service at our second address.
6. Prepare And Sign The Incorporation Documents
   
   After satisfying the previously mentioned prerequisites, you are ready to proceed with the company incorporation process. You can establish your company online using our portal, leveraging the expertise of a company formation specialist such as Irish Formations. By delegating this task to a specialist, you can smoothly navigate each phase, benefiting from our in-depth understanding of the entire procedure, and receive effective guidance. Once you’ve submitted your new company application, the Companies Registration Office typically takes 5-10 days to process it.