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.