04 Jan A Summarized Guide on Setting up a Company in Ireland
Locals and foreigners in Ireland are required to register companies for them to do business. This is a complicated affair because it involves a range of documents and movement from one office to another. These complexities are likely to make setting up a company in Ireland difficult for most people. The challenge becomes enormous when you have to register one as a foreigner or an Irish residing in a foreign country. Here are tips that will guarantee an easy experience and reduce your expenses.
Get a Comprehensive Quote
There are expenses involved in registering a company in Ireland. For easy planning, you should get a comprehensive quotation. The quotation will outline procedures that you need to follow and the charges that each procedure will attract. This gives you an idea of the activities or procedures you can carry out on our own and those to be assigned to third parties. For instance, the registering agent may not handle your legal matters which you can do independently.
Researching On the Name
The name you intend to use must be researched thoroughly before the application is made. The registrar will decline your application if the name is not unique. Ensure that the responsible agent researches thoroughly before submitting the application. If research is done in a shallow manner, the possibility of rejection increases which comes with unnecessary delays. You may also end up with a name that is almost similar, leading to brand confusion and loss of clientele.
Articles of Association and Memorandum Of Understanding
The new Companies Act has revised the rules on Articles of Association and Memorandum of Understanding. These a delicate matters because they determine the activities you will be engaging in. Your agent should be knowledgeable about the act and its implication on your registration. When these articles are not drawn professionally, they are likely to affect your operations in future. You will also be required to generate minutes of your first meeting when the decision on incorporating the company was made. Your agent will provide appropriate guidance.
There are specific provisions on the share capital and how it should be represented in your articles of association. An experienced and expert agent will guide you on how shares should be allocated for your company. If share capital is not properly indicated, you risk legal action at a later date. You will also be required to pay hefty restructuring fees which might also come with legal challenges and tussles considering that the company will have started making profits or deeply entrenched in business.
Company Registration Costs
There is a cost to be incurred when setting up and registering a company in Ireland. Be cautious if the agent fees are too low or unreasonably high. Very low prices will point at poor quality services that might be problematic in future. Some might involve incomplete processes that are expensive to correct in future.
About Irish Company
Irish Company is a professional agent that assists foreigners and locals in registering their businesses. It has accumulated years of experience that will make your registration process seamless. We will help you set-up and register any form of company with ease and at a reasonable price.