Ireland is renowned for its attractive taxation rates and pro-business environment that appeals to foreign investors looking to explore the vast Eurozone market. Moreover, in a bid to attract foreign investors, Ireland has signed double taxation treaties and upheld easy company formation procedures.
Foreign citizens of any of the European Union countries are not obliged to comply with any special procedures prior to investing in Ireland. However, foreign entrepreneurs who are citizens of countries located outside the EEA and wish to invest in Ireland are required to obtain investors visas and comply with foreign company formation Ireland regulations. Ireland investor visas are designed for foreign investors and are issued once certain investment conditions are met.
For instance, according to the (IIP) Immigrant Investor Program, foreign entrepreneurs should prove that they can invest 1 million Euros obtained from their personal funding sources into the Ireland investment market. Foreign investors can also opt for the donations investment option where they are required to invest 500,000 Euros in philanthropic projects relating to health, education, sports or arts. The investment threshold may be discounted to 400,000 euros should the total amount be invested in a single philanthropic project. Note that, the investor visa offers the right to Ireland residency but does not grant right to citizenship. However, it offers the right to sponsor close family members like spouses into Ireland.
Steps for company formation Ireland
Ireland upholds a simple company formation process that is made up of the following steps;
- Determining the company formation type. Though most companies in Ireland are registered as limited liability companies, there are other company formation types like; representative offices and partnerships that investors can opt for.
- Choosing an ideal and unique trade name that does not mimic another company name.
- Conducting an electronic name reservation exercise with the CRO (Companies registration office).
- Preparing the company’s statutory documents like; the memorandum and articles of association, a partnership agreement and the company’s constitution.
- Signing and notarizing the company’s bylaws in the presence of an Ireland public notary.
- Opening a corporate bank account with an Ireland based bank. This process requires company formation Ireland documents like the certification of incorporation and memorandum or articles of association.
- Registering with the CRO through submitting specific forms and documents as requested by the institution.
Documents required for company formation Ireland
Based on the type of company formation Ireland you opt to register, certain documents must be submitted to the relevant authorities. The Ireland commercial legislation requires all newly incorporated companies to submit a myriad of documents to the trade register. The documents include; the articles and memorandum of association, list of directors, shareholders, and company secretary personal information, a statement of issued and authorized share capital, company registered office address, and a statement detailing the business activities to be carried out and the trading location.