If you are considering setting up an Irish company, you need to be aware of a few factors. You also need to stand true to all the legal requirements. This can sound stressful but it really is not when you have the right guidance on how to set up an Irish company in the best way possible. Lucky for you, we have everything covered. Here are a few major things you need to keep in mind during set up.
Have at least one director on board
The director holds responsibility for managing the company on behalf of its shareholders. Given this fact, it is imperative that you have at least one with you. In small companies, usually, the directors and shareholders are the same people. An Irish company is required to possess at least one director who is a resident of an EEA country.
Know beforehand how many shares you want to release
You need to think of shares as pieces of the company that you can give away. This helps you picture in a clear way how the division of shares determines the legal ownership of the company. Usually, there are two kinds of shares and they are authorized shares and issued shares.
While the former is an aspirational amount of shares you can issue either now or in the future, issued shares are the number of shares that have actually been allocated and paid for by shareholders.
Settle down on a company name
When in the process of an Irish company formation, it is vital that you decide on the name of your company beforehand. It should, in fact, be the first thing you think about. It needs to be unique and easy to tell apart from other names already registered with the CRO. The Registrar performs name checks and if your proposed name is not strong enough, your submission is returned.
Keep a registered business address and office address ready
Having both of these names is equally important after all, the registered office address is the official, legal address of your company while the business address shows where the company is actually conducting trading activities. These addresses need to be registered with the CRO beforehand.
Put together and sign the incorporation documents
You can either incorporate your company online or have a company formation specialist to do the needful for you. Having the necessary paperwork ready helps to speed things up and make company formation a faster process.
Other than this, see that you order your company seal and set up a business bank account in Ireland. Register for taxes such as the corporation tax, value-added tax, employers PAYE and relevant contracts tax. See that you file necessary returns with the CRO and also stay in the loop when it comes to late filing deadlines. So there you go. Now that you are aware of the basics needed to set up an Irish company, go ahead and get to work. Clearly, you have a lot to accomplish. Staying true to these factors ensures you are sure to set up a business on the right foot.
