Company Registration Ireland- How to Do It Right

When it comes to starting company in a country like Ireland, the process is fast. Instead of having to wait for several days, the time duration for organizing the entire start-up does not span more than three to five days. The first step of corporate formation begs the question, ‘How to Register an Irish Company’ and this is where the several rules and regulations come into the picture.

Prior to considering the other issues, it is crucially important for a business owner to obtain comprehensive information on registration. Rules and regulations that apply depend on specific situations.  Only by knowing all the angles it is possible to progress through the next steps without any hassle.

The following aims to educate individuals on the different issues surrounding company registration Ireland. Read on. 

Legal Structures

 

Before one sets out to register a company, it is imperative to find out the different structures that can be incorporated. In Ireland, it is allowed to form business as a limited company, partnership or as a sole trader.

Choosing a structure depends on various factors such as the nature of business, the people you will conduct business with as well as an individual’s tolerance to risk. It is strongly recommended to seek a company offering registration services as they can best address one’s needs. Company Formations can prove to be a useful option in this regard.

Unemployed People

 

A great convenience for unemployed individuals planning company formation is that they may be eligible for BTWEA or STEA which are Back to Work Enterprise Allowance and Short-Term Enterprise Allowance respectively. Under these schemes, the government offers incentives and grants to aid individuals in different areas of company setup such as equipment purchase, business plans, market research, etc.

Exclusive Company Name

 

When considering all the other aspects, name of a company cannot be left ignored. The Irish law establishes for each corporate entity to have a unique company name. Availability of a company name has to be checked with CRO which is Ireland’s official Company Registration Office. In addition, CRO allows reservation of a company name for a minimal fee.

Registered Office

 

Having a registered office is one of the principal requirements of setting up a business in Ireland. In fact, at the time of registration, one is required to provide address of the registered office. This address has to be supplied for record-keeping. Also, it serves as a point of communication as all the types of notices, legal or otherwise, are sent to this address.

Tax

 

Whether a business will be taxed or not depends on if it has been incorporated as a company. If it is a company, it will be liable for corporation tax. Otherwise, a business that is not incorporated is treated as sole trader and tax is paid in accordance with self-assessment system. New start-up may get a relief on corporation tax initially for a period of three years.

Provided all the documents are supplied, company registration Ireland does not take more than a week.

Opening a Business Bank Account in Ireland

Individual bank accounts in Ireland differ from accounts that are opened in a company’s name. Both residents and non residents are allowed to open accounts in Irish banks as well. However, an Irish bank would offer special incentives like charging free banking for people who want to start a business in the country. It is therefore easy for an international company owner to Open a Bank Account in Ireland.

Company owners are required to adhere to the following requirements in order to open a business bank account in Ireland –

Documentation

The documents that need to be produced include –

•  Proof of identity for the company owners or officers - This will include copies of the I.Ds, photographs as well as passports or driving licenses of all parties involved. The documentation will also include copies of the utility bills for each person. The bills will display their current residential addresses.

•  Memorandum and Articles of Association – A company would have to submit these along with a copy of the original Certificate of Incorporation for a company or the certificate of business registration for a partnership or sole trader.

Never make the mistake of leaving or submitting any original documentation when you are applying for a business bank account in Ireland. International companies need to grow exponentially over time. In order to facilitate such growth, owners might need to open several other bank accounts in different banks across the country. A bank would require you to produce the original documentation before submitting the copies. A company owner will not be able to do that if his/her original documentations are stuck in any one bank.

•  Limited Company – If a business happens to establish itself as a Limited Liability Company it needs to submit a copy of the resolution in order to make it eligible to open a bank account in Ireland.

 Before Moving to Ireland 

 

The faster an owner establishes a working bank account in Ireland the more quickly will he/she be able to establish a business in the country.  Non residents who want to open company headquarters in Ireland also have separate working bank accounts in their countries of origin for this purpose. This way they do not have to pay anything extra for changing currencies if they used to live outside the Eurozone.  It is also wise to ask a certified accountant or financial advisor about the tax implications of opening bank accounts in Ireland.

Opening a bank account in Ireland is an obvious requirement for foreign business owners who plan on expanding operations there. What most of them do not know is that they are required to open Irish business bank accounts before stepping foot inside the country. Fortunately since Ireland is in the Eurozone its tax laws favor international entrepreneurial ventures. This is also why it is easy opening a business bank account in Ireland provided that the business owners or partners submit copies of the necessary documentations that prove their business’ existence. 

Advantages of an Irish Company Setup- What Company Incorporation Ireland Has To Offer

With the start of the new financial year, nothing can be a better time to open an Irish company. Whether it is a company you wish to start from the scratch or simply desire to start a branch of your existing business in a new jurisdiction, there are chances you will be able to transform your idea of business into a money-making machine.

Countless individuals seeking business opportunities are finding Ireland an ideal choice and for good reason. In fact, studies revealed that by the end of 2012, there were about 500 companies that commenced operation in Ireland. While this number continues to rise with each passing day, the success of the corporate sector can be attributed to a variety of advantages that businesses in Ireland enjoy.

These advantages are briefly listed below.

An Environment that’s Pro-Business

According to the Business Environment Ranking of Economist Intelligence Unit, Ireland secured 11th position out of 82 countries rendering it as one of the most attractive countries to locate a business. The country is not only politically stable but follows a highly respected regime as well.

Low Tax and Bureaucracy

Tax and bureaucracy concerns are the ones to crease an entrepreneur’s brow the most. In an effort to provide support and eliminate all such deterrents, Ireland manifests its competency by being a low bureaucracy state and the tax rates are significantly lower as compared to other countries.

According to a report released by World Bank, it was found that Ireland is one of the best countries in the entire European Union to setup a business. The country has an exceptionally pleasant tax regime to boast of. This earns Ireland an edge over any other country in Europe or America.

Young and Dedicated Workforce

Ireland has an infrastructure that not only ensures favorable demographics but consistent investment in educational sector as well. This implies that there are plentiful of highly qualified individuals to recruit. With their technical skills, flexibility, and one-of-a-kind capabilities, they strive to take innovation a step ahead.

Abundance of English Speakers

While English is one of the basic languages used for international trade, entrepreneurs have to make efforts to overcome language barriers that often prevent businesses from gaining footing. Ireland is free from all such worries. The country has a large number of individuals with excellent multilingual skills.

Easy To Fulfill Share Capital Requirements

One of the biggest obstacles for any entrepreneur is amassing funds for his business to contribute to his share. Ireland achieves the perfect balance of corporate convenience and favorable circumstances because all such requirements are way too easy to satisfy in Ireland. While one may find it hard to believe, requirements for minimal share capital in Ireland for a private limited company is merely €1.00.

Ease of Incorporation

 For one to open an Irish company, it does not take more than 3-5 days to register a company once the application is submitted. In addition, Ireland guarantees ease of administration as well which means courts summons or attendance in front of a notary for a variety of legal matters is not needed.
In light of the advantages listed above, one can say that Ireland is soon going to emerge as an entrepreneur’s paradise.  

Register a Company in Ireland  is best Corporate Service Providers in Ireland. For who want to Open An Irish Company  it does not take more than 3-5 days to register a company once the application is submitted.