A member of the European Union over 37 years, Ireland is one of those countries that can boast a relatively stable political situation and this translates into improved economy by way of healthy business opportunities. Ireland is definitely a land of opportunities for those looking for an ideal location for their start-ups or for business expansion. That’s primarily because of the convenience associated with the steps to be followed for formation of a company or a corporate entity in the country. Moreover, Ireland has been previously voted as the world’s best country to do business and this further assures the fact that formation of a company here is hassle-free.
Here is a list of things that business owners need to take account of when contemplating company formation in Ireland.
1- Company Name And Type
The first thing of importance in the formation of a company is the name of the company, itself. It is essential that the name is unique and easily distinguishable. Companies that are in business associated with finance can have words such as insurance or bank with prior authorisation. Names that are under the prohibited list or are considered offensive are not allowed.
The company bureau will register the company name after the application has been correctly filled and submitted. As for the company types, depending on the size of the company, a company can be registered as a sole trader, partnership or a private limited company under the Companies Act of 2014.
2- Office And The Authorised Personnel
For a company to be registered in Ireland, it needs to have an office that can be registered as the location of the company. This will be the official company address as per records and all legal documents will be addressed to this place. The primary personnel required are the directors and a company secretary. The personal details of these authorised personnel also have to be submitted and filed at the time of registration.
3- Capital Requirements
As per the recommendations of the Republic of Ireland, a company needs to have an authorized share capital of a minimum of €10,000. This share capital would reflect the company’s ownership as it is divided among the shareholders. These shareholders should be at least 18 years of age and their full details have to be submitted at the time of company registration.
Apart from the process of formation of a company being very well organised and convenient, it is also the low tax rate in Ireland that is a major encouraging factor for business owners to consider operating their company in the country. New companies can also enjoy a tax rebate of 100% for the first three years.
Company formation in Ireland will require the professional services of business formation groups and it should be preferably an Irish company assisting the formation of companies. In particular for foreign nationals, this support is very essential as the local rules and legal formalities of Ireland may not be completely comprehendible by non-residents.
Summary:
Formation of a company in any country requires a set of rules to be followed and a certain set of documents that will ensure authenticity of the business and its establishment. By following the right guidelines, company formation here will become a very simple chore.
