How To Set Up A Company In Ireland? - Step By Step Process

By Author: Edward Smith
Total Articles: 7
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Ireland has emerged as a preferred country to set up a business given the fact that it offers a low corporate tax and has a skilled human resource in the European Union. If you’re considering setting up a company in Ireland, here is a step-by-step guide to register your business: If you want to register company Ireland, here is a step-by-step guide to register your business:

Choose a Business Structure
The initial step is to agree on the kind of business formation that best suits your needs. The most common structures for companies in Ireland are:

Private limited company. This isolates your individual property from the company’s obligations. It must have at least one director and shareholder, and it is suitable for small and medium scale enterprises.

Limited company, especially a public limited company (PLC). This permits the sale of shares to the public and is suitable for large businesses that seek to go for an IPO.

Partnership. The owners contribute capital and participate in the profit and loss of the business. ...
... Easy to establish but each partner is legally liable for the conduct of the other partners.

Sole trader. A form of business entity that is carried out by an individual without incorporation.

Determine Management and Shareholding

Determine the business form of ownership - issue share certificates to initial investors detailing their share of votes and distribution of profits.

Select and Incorporate a Business Name

Choose the suitable name for the Irish company and check whether it is free by using the companies registration office database. Then go ahead and register your company name with CRO.

Draft a Constitution

Some of the details it holds are share capital, rights of directors/shareholders, and the structure of management amongst others Although it is not mandatory but having one is always convenient as it outlines the operations of the company.

Appoint a Company Secretary

Typically, every Irish company must have a company secretary within one month of the incorporation of the company. The secretary also attends to legal matters such as the annual audits and preparing of reports to the directors.

Register for Taxes
When you set up a company in Ireland you will need to register for corporation tax and Value Added Tax (VAT) if your annual turnover is over € 75, 000 to the Ireland Revenue. File for PAYE payroll taxes once you are in a position where you employ individuals.

From the foregoing, it is clear that banks will need some legal documents such as the certificate of incorporation, ID proof, and the register of shareholders to open an account. This helps in eliminating the intermingling of company funds with your own money.

Comply with Legal Requirements

There are, however, certain basic requirements that have to be complied with after the registration of the company, for instance, the company is required to notify the CRO of the registered office address, display the company’s details at the registered office address, prepare and file with the CRO, audited accounts and an annual return.

Using these key steps, you can lay down the legal framework for doing business in Ireland without any hitches. It is recommended to consult with the professional services firm to be aware of the specificities of the Irish company regulations and corporate compliance. This will help you refrain from making mistakes that may attract penalties in the future. Getting the Irish company formation right does not have to be a complicated process, but it requires the help of some professionals.

LSC & Partners is a law firm based in Ireland that offers a wide range of corporate services to investors intending to establish a business in the country. Through our team of dedicated professionals, we offer a wide range of expertise in tax, legal, and business solutions to help clients successfully set up and manage operations in Ireland.