Ireland is one of the most strategic places to run a business in Europe. This can be attributed to its skilled talent pool, low corporate tax rates and pro-business environment. Currently, Ireland is a hub to over 1000 leading multinational companies including Google, Microsoft, Paypal, Apple, Intel, Twitter and many more. In addition to its reputation for growing companies, Ireland also provides an appealing tax regime that attracts Foreign Direct Investments. These ideal conditions make investors inclined to register a company in Ireland. But just how does one go about it? This step-by-step guide will explain in detail. alternatively, you can hire a reputable agency such as registeracompanyinireland.com to register your company for you.
1. Pick a Company’s Name
When choosing a name, ensure it is unique and different from any other Irish-registered entity. There are several guidelines to keep in mind as stipulated by the Companies Registration Office (CRO) for your name to be accepted:
-Any word considered offensive won’t be accepted
-Names containing words such as ‘’Bank’’, ‘’Insurance’’, and ‘’Group’’ will require special permission
-Names of places or words like ‘’holding’’, ‘’Solutions’’ and ‘’Services’’ will be discounted as they are non-descriptive.
2. Decide on the Structure
Next, you will need to pick a company type to run under. Some of the common options include:
Private Limited Company– This is the most popular form of company and a great route for small businesses. There’s no minimum share capital threshold and the company can be run by one directly given it stays under European Economic Area (EEA).
Public Limited Company– This is a common option for those anticipating fast growth. It should start with a minimum of €25,000, be run by at least two directors, have unlimited shareholders and hold annual general meetings.
Partnership- If you are looking to register with a partner, this is perhaps the most flexible route.
3. Hire a Reliable Team
Starting a business in Ireland is not just about the legal process, but about hiring the right individuals. Some of the most important people to have onboard include:
Company Founder– The individual who came up with the idea and build a company around it. They work to secure funding, establish partnerships and attract great talent.
Shareholder– This is the party that has invested in the company in exchange for shares. They are rewarded in the form of dividends when the company performs well.
Company Director– This is the individual appointed by the shareholders to manage the entity’s regular affairs. Keep in mind that a director of a company in Ireland should be a resident of the EEA.
Beneficial Owner– This is an individual who owns or controls a legal entity through the ownership of 25% of a company’s shares or voting rights. In Ireland, beneficial owners should be registered in the Register of Beneficial Owners (RBO). This is an organization that assesses business transparency and is part of the anti-money laundering (AML) compliance program.
Secretary– This is an individual tasked with performing statutory duties, providing guidance on varying statutory requirements and ascertaining compliance with Irish law.
Accountants and Bookkeepers– These help companies make crucial financial decisions.
Company Staff– These are the employees responsible for providing goods and services to your customers. The exact positions depend on the nature of the business.
4. Write Your Constitution or By-Laws
For a public limited company or partnership, you will need Articles of Association and a Memorandum of Association. As for a private limited company, the constitution should be used to lay out the business structure, type and goals. Ensure they are registered with a formation agent or lawyer.
5. File With CRO to Register Your Company
This is the stage when you get your company’s registration office. The filing should include the following paperwork:
-Description of the company’s specialization
-Information regarding your share capital
-Details on employees and directors
-Physical address confirmation
6. Open a Bank Account
Next, you should ensure you open a business bank account. You can open a business bank account in Ireland whether you are a resident or non-resident. However, there are some important documents you will need to provide including:
-A certificate of incorporation
-Social Security forms
-Proof of identity
-Proof of economic ties to Ireland
-Signed copies of your by-laws
7. Get an Official Seal
Every business located in Ireland should get an official company seal. This is used to stamp paperwork and acts as official proof that it has been approved by the Board of Directors. Keeping Statutory Records and Registers is another legal requirement. These entail the recordings of legal and statutory matters of the company.
8. Register with the Revenue Commission
This is the last step in registering a company in Ireland. While the nation is deemed a tax paradise, thanks to its appealing tax and economic environment, there are 3 types of taxes you’ll need to register for. These are Value Added Tax (VAT), Corporation Tax, and Social Insurance.
The Irish Revenue Commissioners will automatically register you for Pay Related Social Insurance and Pay as You Earn Tax, and in the end, you’ll be issued a Tax Identification Number.