Ireland has always been a popular destination for entrepreneurs, who are looking to enjoy government support and tax benefits while having a doorway to Continental Europe. With Brexit and the uncertainty surrounding it, there is no better time than now for setting up a company in Ireland.
If you are ready to take the leap, here are the key steps to setting up a company:
Choose the Right Legal Structure:
Before you can set up a company in Ireland, you need to figure out the business structure. The most common options are being a sole trader and setting up a limited company. The former is the simplest and quickest way of setting up a company in Ireland and you will not have to file annual returns, but you will still have to file taxes, maintain your book and pay VAT if it is applicable. However, a sole trader makes you personally liable for debts and this can pose a risk to your personal assets.
On the other hand, if you set up a limited company, you will benefit from the 12.5% corporate tax levied on profits. This is more attractive than the 55% tax that sole traders have to pay. You also do not have to worry about your personal assets as they cannot be seized to clear company debts. It goes without saying that a limited company is more credible and reliable in the eyes of customers compared to a sole trader.
Registering Your Business:
After deciding the legal structure of your company, you need to register it with the CRO. This process takes about four to five day and once it is done, you have to register with the Revenue for tax purposes. After registration, you can open a bank account in the name of your company.
It is prudent to remember that depending on the kind of business you are doing, you may require a license or even permission from the local council or authority to operate the business.
How Can We Help?
At Irish Company, we have been assisting entrepreneurs and companies to set up their company in Ireland. We provide four pre-configured packages to make the entire process of setting up a company in Ireland quick, simple and effective. However, these packages can be customized to meet your specific requirements.
We have more than four years of experience in helping entrepreneurs and companies set up a base in Ireland and we have successfully assisted clients from 43 different countries. Our pricing is transparent and affordable, and we do not levy any hidden costs. We also provide 24/7 customer support should the need arise.
When you collaborate with us, Irish Company, you do not have to personally visit Ireland for setting up a company. We do all the hard work for you. So, get in touch with us if you want to take advantage of the tax-friendly regime and business-friendly environment that Ireland has to offer you.
Setting up a company in Ireland does not have to be difficult if you have the right support. Check out what is needed to set up a company and how we can help you hasten the process in a transparent and cost-effective manner.