Ireland is the ideal place for foreign business setup. The low corporate tax rate and the geographic landscape in Europe make the place a suitable destination for companies to base their operations. The business environment of Ireland is friendly and the economy is advancing at a higher rate than average European countries. There are huge opportunities to open a wide range of businesses in the place to serve both local and international audiences. With the help of an expert firm, the process of setting up a foreign company becomes simple.
The businesses and individuals benefit a lot from having a low corporate tax rate in Europe and access to several double-taxation treaties and benefits from the EU trade agreement. The foreign company legislation is regulated by the Companies Acts of Ireland which consolidates all existing statues into a single one and effectively implementing new reforms. Like any other place, Ireland is having its laws and procedures for the business setup and the owner needs to file the necessary documents to various offices to get the businesses registered.
Here are the steps to setup a foreign company in Ireland –
Choose the type of company incorporation: Depending on the type of company one wishes to establish, you need to take care of the Irish jurisdiction to start the company. The incorporations details include – details about the partner, the trading nations, and the parent company details.
The naming of the company: The business needs to take care of certain words in the company naming irrespective of the company type. It is because the words are considered as statutory and in some cases, it becomes misleading in the eyes of local law. The best idea will be to take the primary name tag of the company and add a suffix for process simplification.
Directory details: The business needs to take care of the foreign company’s details that need to be submitted correctly. The details include – Full name of the Director, Nationality & Residential Address, DOB (Date Of Birth), Occupation, and Company Portfolio.
Legal obligations: The company must submit the annual return of the year’s operations and supporting documents. Appoint a secretary or professional who will be able to take care of Corporation Tax Return and VAT Returns.
The foreign company setup is one of the most rewarding decisions to be made by businesses in Ireland. Hiring a professional firm for advice will be a smart decision moving forward with the company setup. The agency provides advice on the requirement of each company and tax obligations to get the company operational.
One of the tricky decisions is the process of re-domiciling. The process can be lengthy and time consuming if not approached correctly. With assistance, the process can be completed fast with the least amount of possible resources.