How to open a business in Ireland?
Tetra Consultants’ ultimate guide on Ireland company incorporation is tailored to help our international clients fully understand the whole process.
Prior to the engagement, it is essential for you to understand how to open a business in Ireland. Tetra Consultants will assist you with Ireland company incorporation and ensure that your company is legally compliant in Ireland.
Depending on the type of business entity, Ireland company incorporation is usually completed within 6 weeks upon submission of the required due diligence documents. Thereafter, Tetra Consultants will open your Ireland corporate bank account within 4 weeks after Ireland company incorporation.
Contact us to find out more about how to open a business in Ireland. Our team of experts will revert within the next 24 hours.
In essence, your Ireland company formation engagement will be broken down into 4 phases:
- Planning and strategy
- Incorporate & bank account opening
- Staying Compliant
Step 1: Planning and strategy
- The first step to determine how to open a business in Ireland is to choose the most suitable type of business entity. Depending on your business activities and objectives, Tetra Consultants will recommend the most optimum type of company.
- Once we agree on the type of company, Tetra Consultants will advise on the optimum paid-up share capital, regulatory requirements, and whether there is a need for licenses for the intended business activity.
- Therefore, during the planning & strategy phase, you must determine the following items for forming a company in Ireland:
- The name of their business
- The type of business entity to be incorporated
- For our international clients, Tetra Consultants would recommend setting up an Ireland Private Limited company as it is the most common legal entity in Ireland and can be registered by a single shareholder.
- Other popular types of business entities would include registration for Public limited company as well as branch offices.
- Thereafter, Tetra Consultants will reserve your company name with the Companies Registration Office.
- Prior to Ireland company incorporation, Tetra Consultants will provide you with a nominee director & renting a local office address. Wherein, the nominee director will primarily assist in liaising with external parties and ensuring that you meet all statutory obligations.
Step 2: Incorporation & bank account opening
- Before Tetra Consultants can incorporate a company in Ireland, you are required to provide a list of required KYC documents for our internal due diligence.
- Once the above-mentioned steps are completed, Tetra Consultants’ legal team will draft articles of incorporation, a business plan, and other incorporation documents according to the business structure & activity.
- Once the documents are ready, we will proceed to file to register company in Ireland with the Companies Registration Office. After Ireland company incorporation, Tetra Consultants will courier the Certificate of Incorporation, Memorandum & Articles of Association, and other corporate documents to your preferred address.
- Simultaneously, Tetra Consultants will proceed to open a corporate bank account for your newly-incorporated company. By following 6 systematic steps, you can expect to receive your bank account numbers within 4 weeks.
- Tetra Consultants will contact multiple reputable international or Ireland banks and present your business to each relationship manager and compliance team. Some of the banks we work with include Allied Irish Banks, Bank of Ireland, and Barclays Bank Ireland.
- The directors and shareholders are usually not needed to travel. If travel is necessary, we will send a representative to the bank meeting with you. Alternatively, our staff will negotiate with the banks to hold a conference call or obtain a waiver instead.
- The meeting might be held in Irish. In such circumstances, our team will send a representative and a translator to the meeting in order to bridge any potential communication barriers.
- Tetra Consultants will send the internet banking token and access codes to your specified address after your account has been successfully opened.
- Following this Tetra Consultants will proceed to obtain the tax registration number by registering with the Office of the Revenue Commissioners in Ireland so that you can duly fulfill your tax obligations.
- You can be confident you are in the best hands when Tetra Consultants undertakes your Ireland company’s accounting and tax services.
- Tetra Consultants will timely prepare your firm’s financial statements, corporate tax returns, and bookkeeping on your behalf.
- Tetra Consultants will complete all annual filings and tax returns for your company before the stipulated deadlines set out by the government.
- Corporate income tax is generally imposed at a rate of 12.5 percent.
- If small and medium businesses exceed or surpass certain thresholds, they may be exempted from submitting yearly financial statements.
- Withholding tax, property tax, and V.A.T. are some of the other taxes that may be relevant.
- Our team of devoted consultants will continue to answer any questions you may have about your company’s tax obligations.
Contact us to find out more about how to open a business in Ireland. Our team of experts will revert within the next 24 hours.