Ireland5 Simple Steps for Setting up a Company in Ireland from Abroad

January 29, 2022by Tetra Consultants0
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It is ideal to setup company in Ireland. The business-friendly environment, low corporate tax and skilled labor forces allow it to remain attractive to foreign investors. In addition, the registration process can be done without being physically in Ireland. In this article, our team at Tetra Consultants has highlighted 5 simple steps for setting up a company in Ireland from abroad once you decided to register company in Ireland.
setting up a company in ireland from abroad

#1 Choosing a suitable corporate company:

After accessing your business goals and activities, you can choose the most suitable company for your business.

The common types of company are as follows: 

Private Company Limited by Shares (LTD Company)

  • LTD Company is a limited liability company (LLC) where it is a separate entity not listed on the stock exchange. Hence, the liability is only limited to its contributed share capital. There is a maximum limit of 149 members.
  • There is a requirement of at least one director and one shareholder where the director will have to be a resident in a member state of the European Economic Area (EEA). However, if unable to do so, there are generally two options namely an application to the CRO to be certified that the company has a real and continuous economic link with Ireland or providing a bond to the value of €25,395.
  • A local registered address and a secretary are required.
  • There is no minimum capital requirement.
  • It is not required to hold an Annual General Meeting (AGM).

Designated Activity Company (DAC)

  • DAC is a limited liability company (LLC) where it is a separate entity with limited liability limited.
  • In DAC limited by shares, the liability is only limited to its contributed share. Whereas in DAS limited by guarantee and having a share capital is where the liability is limited to its contributed share and the amount undertaken to contribute to the assets of the company.
  • There is a maximum limit of 149 members. There is a requirement of at least two directors. It is required to hold an Annual General Meeting (AGM) with at least 2 members.

 Public Limited Companies (PLC)

  • It is a separate entity with limited liability limited to its contributed share capital.
  • There is a requirement of at least two directors and statutory minimum share capital of €25,000 of which at least 25% must be paid on the issue. Similarly, it is required to have at least one director who is a resident of Ireland.
  • A local registered address and a secretary are required.
  • It is required to hold an Annual General Meeting (AGM).
  • Another option would be Societas Europeas which offers more flexibility. However, a higher minimum capital of €120,000 is required.

#2 Reserving of the company name:

After you have decided on a suitable corporate entity, you may proceed to the next step which is to register business name Ireland. In order to register a company name, you will have to submit Form RBN1B together with the registration fee to the CRO within one month of adopting the company name.

The registration fee is €20 for electronic filing.

The process of reserving the company name may take up to 5 weeks.

Additional name requirements:

  • For DAC, The name of the company must end in “Designated Activity Company” or “Cuideachta Ghníomhaíochta Ainmnithe” unless exempted such as not-for-profit companies.
  • For PLC, The name of the company must end in “Public Limited Company” or “Cuideachta Phoiblí Theoranta”.   

#3 Preparation of supporting documents to register a company in Ireland:

  • Before proceeding with registering a business in Ireland, you will have to prepare the necessary incorporation documents such as Form A1, the constitution and the Memorandum and Articles of Association (MOA/AOA) if required.
  • For LTD company, the constitution only consists of one document constitution whilst other company types constitution that includes MOA and AOA.
  • To register the company, submit necessary documents together with the registration fee on CORE on CRO.
  • Obtain the necessary business license as required by the business.

#4 Corporate bank account opening:

All registered companies in Ireland are required to have a corporate bank account.

#5 Staying compliant:

This includes the annual return filings and tax obligations.

Annual return filing:

  • It is required to file an annual return and financial statements with the CRO annually.
  • The first annual return filing should be done within 6 months of company incorporation. After which, filing of annual return and financial statements have to be done annually.

Tax Obligation:

  • Ireland has the second-lowest corporate tax rate in the European Union.
  • A corporate tax rate of 12.5%  applies to all income generated from all operations on income.
  • There are no withholding taxes on dividends and no capital gains tax on the disposal of shareholdings in subsidiaries as well.
  • Value Added Tax (VAT) at the rate of 21% is applicable on most goods and services.

Conclusion:

The information about setting up a company in Ireland from abroad may seem intimidating. With Tetra Consultants by your side, the registration process of your business in Ireland will be smooth and hassle-free. Our comprehensive service package includes planning and strategizing with our clients to select a suitable business entity, completing the registration process, obtaining required licenses, opening a corporate bank account, and ensuring your compliance with the government regulations. 

Contact us to find out more about setting up a company in Ireland from abroad and our dedicated and experienced team will revert within the next 24 hours.

Tetra Consultants

Tetra Consultants is the consulting firm that works as your advisor and trusted partner in your business expansion. We tell our clients what they need to know, instead of what they want to hear. Most importantly, we are known for being a one-stop solution for our valued clients. Contact us now at enquiry@tetraconsultants.com for a non-obligatory free consultation. Our team of experts will be in touch with you within the next 24 hours.

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