The parliamentary democracy in Ireland is stable, and it has been a member of the European Union for more than thirty-seven years. Moreover, Ireland was voted to be the world’s best country to do business by Forbes in December 2013 making it an excellent platform for global business.
The tax rate in Ireland is as low as 12.5%, and new companies enjoy three years of zero taxation. To further encourage foreign investments, Ireland guarantees protection and freedom to all investors despite the nature of business and value of investments. This is factor that has prompted large companies like Google and Facebook to establish their EU headquarters in the republic. Ireland is classified among the leading industrial competitive democracies in Europe due to its developed infrastructure and popular education system. Requirements for setting up a company in Ireland.
Name and Type
The company name must be
unique and distinguishable. You will require authorisation to use specific
words like insurance, group and bank while names thought to be offensive to the
state are not allowed. The name has to be descriptive and avoid the use words
like services and solutions. The company bureau registers the company name after
you successfully fill and file an application form, the process takes
approximately four working days. For small businesses with a low turnover, one
needs to register as a sole trader or a partnership where there are two or more
parties involved. For this kind of company, one requires to register a name for
the business and register with the local revenue office as self-employed. The Companies
Act in 2014 allows private limited companies to conduct any business activity
as long as it is legal.
A company must have an
office prior to filing for registration. The registered office should be within
Ireland and should have a valid address to facilitate official correspondence.
The company address can be different from your home or partner’s address. The
personnel required are the directors, who run and manage the company and a
secretary. The director should provide their name, nationality, residential
address, date of birth, the name of other companies he/she may be running and
their occupation during registration of the company. The secretary is
responsible for meeting statutory obligations, he/she can be one of the
directors, a corporate entity or any other unconnected person.
The republic of Ireland
recommends that a company has authorised share capital of €100,000 which is paid
and divided among shareholders to reflect company ownership. Shareholders
should be above eighteen years and should provide their full name, residential
address and the number of shares they wish to hold. However, an individual can own
all the shares where the company is registered as a sole trader.
Setting up a company in
Ireland requires assistance from professional and experienced business
formation groups like Irish Company. Among other services, we help foreign
investors in filing tax registration and company bank account opening. Above
all, we take you through the It is the legal obligations of setting up a
company in Ireland to ensure that you understand what you are getting into as
well as what is expected of you and your company.
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