Company registration Ireland is a legal way to introduce your goods and services to a European and American market. Incorporating a business in Ireland is available even to non-residents and empowers them to catch opportunities they’re missing in their homeland.
Company registration in Ireland can become a bit challenging and the price of mistakes can get too high to pay.
So, all those wondering “how do I set up a company in Ireland” the following lines are for you! This step-by-step guide will help you waltz through the registration process.
Choose Company’s Name
Your company’s name should be unique and distinctive from any other Irish-registered company. There are certain guidelines to consider to make sure your company’s name will be accepted by the Companies Registration Office (CRO):
- Names that contain worlds like “Insurance”, “Bank”, and “Group” will need special permission beforehand.
- No word that is deemed offensive will be accepted.
- Names of places, words like “services” “holding” and “solutions” will be discounted. They are considered non-descriptive and carry no weight.
Decide on the Company Structure
Ireland is an extremely business-friendly country with very few restrictions on opening a company, imports or foreign investments. However, you should choose a company type to operate under. Here are a few most widespread choices:
Private Limited Company (LTD)
Private Limited Company or Private Company Limited by Shares is the most popular type of company in Ireland and a perfect option for small businesses. The peculiarities of LTDs are no minimum threshold for share capital and the ability to be run by one director as long as they remain under EEA (European Economic Area).
Public Limited Company (PLC)
A common choice for businesses anticipating rapid growth. PLC must start with at least 25,000 euros of share capital, have at least 2 directors, hold annual general meetings (AMG) and can have unlimited shareholders all of whom can reside overseas.
This is a flexible category of company structure for individuals who want to register a company in Ireland with a partner.
Write Your By-Laws or Constitution
This depends on the type of your company. Partnership companies and Public Limited Companies need a Memorandum of Association and Articles of Association. For Private Limited Companies, the constitution has been introduced. These will lay out in detail your business structure, the idea of your business, its type and objectives.
All these are legal documents that need to be registered with a lawyer or a formation agent. You can follow the templates or seek help from a professional to ensure they’re compliant.
Choose a Location
Your Irish company must have a physical address. Choosing where to set up a company in Ireland is both fun and a serious decision to make. Irish capital, Dublin, is a good choice with a great startup ecosystem but like most Western European capitals, is pretty expensive.
We suggest paying attention to Limerick, Galway, and Cork as more budget-friendly options to set up a company in Ireland.
When making a final choice, pay attention to Internet speed, proximity to cafes and gyms, bus stops, the general welfare of the neighbourhood, and availability of workforce. Local universities are a great source of the inspired workforce.
File with CRO to Register Company in Ireland
This is a step when you finally make it and receive your Company’s Registration Office! Your Irish filing should contain the following documents:
- Your by-laws;
- Physical address confirmation;
- Details on directors and employees;
- Information about your share capital;
- Description of your company’s specialisation.
Filing with CRO, however, is not the last step to be done to register an Irish company. There are three more stages to go.
Open a Business Bank Account
The next step towards Irish business registration is opening a bank account. Ireland allows opening business accounts both to residents and non-residents if there’s due diligence involved.
To set up a Limited company in Ireland, you need to submit a signed mandate from each director. Owners of partnership-type companies will need to provide bank authorities with relevant documents.
Despite the type of company that applies for registration, there’s a pack of documents you need to submit. These are
- certificate of Incorporation;
- proof of identity (in some cases reinforced with proof of character and a legal opinion);
- signed copies of your by-laws;
- proof of economic ties to Ireland;
- social security forms.
Obtain an Official Seal
You’re almost there. Any business in Ireland must obtain an official company seal. It will be used to stamp documents as official proof they’ve been approved by the Board of Directors. One more legal requirement to consider is keeping Statutory Records and Registers. These are specific recordings of the statutory and legal matters of your company including data of the company’s directors, shareholders, and meetings held.
Register in the Revenue Commissions
The final step in this “how to set up a company in Ireland” guide is the registration for tax in the Revenue Commissions. The country is considered a tax paradise due to its favourable tax and economic conditions. Nevertheless, there are three types of taxes you will need to register for when applying for company registration in Ireland.
- Corporation tax;
- Social insurance;
- Value added tax (VAT).
Irish Revenue Commissioners automatically register you for PAYE (pay as you earn tax) and Pay Related Social Insurance (PRSI) contributions. In the end, you will be given a Tax Identification Number to report your annual taxes online.
Final Ideas – How To Register Company in Ireland
The company foundation in Ireland is a comprehensive process. A lot of potential owners will require professional assistance to eliminate tricky moments and ensure a smooth registration process. There’s no shame to ask for guidance. Chern & Co is a trustworthy agency with more than a decade of experience on the market. The company will take responsibility for your company foundation in Ireland, so you can rest assured all the processes are handled due to the current Irish legislation.