Incorporating A Company In Ireland

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.

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.

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.

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.

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.

All Irish registered companies are obligated to register their beneficial owner (anyone holding 25% or more of company shares) on the RBO (Register of Beneficial Ownership) website. You have a window of five months after incorporation to fulfill this registration requirement. For the majority shareholders, it is necessary to possess a Personal Public Service Number (PPSN) to complete the registration. Alternatively, they can fill out a form BEN2. To simplify the process, you have the option to outsource the Registration of Beneficial Ownership service to a company formation specialist, such as Irish Formations. We include this key process within our Premium Packages. A Bank account cannot be opened in Ireland without this step being completed. Failure to complete the RBO registration is considered a criminal offense, potentially leading to fines or convictions.

New companies in Ireland must prioritize tax registration as a crucial step. Typically, businesses arrange for a third party to handle this tax registration process separately.

Managing tax payments and filing tax returns can be complex, with strict deadlines and potential penalties for non-compliance. In our premium company formation packages we offer tax registration and we file your first B1 Annual Return which is due after six months. Anything after this we would recommend you go to an accountant. This will ensure proper compliance as well as peace of mind. This allows you to focus on your business while leaving the tax-related responsibilities in capable hands. At Irish Formations we will refer you to our Sister business called CACM who work in the Areas of Audit, Tax  Compliance.

Irish bank providers typically require a meeting with a director in person when opening a bank account. Alternatively, you have the option to open an online bank account with a bank provider such as Revolut or Fire.com for which we are Channel partners. Before proceeding with the setup of a company bank account, you must possess the necessary company documents, which include the original certificate of incorporation, your company constitution, and a copy of the A1 form. In essence, the bank account setup is contingent upon the company’s successful incorporation.