Company registration in Ireland - The process
Tapping into Ireland’s ever-growing economy is a viable business move for business owners who are considering expanding outside their jurisdiction. Invest in the Eurozone’s fastest growing economy, gain strategic access to markets across Europe, and take advantage of the open, competitive economy of Ireland.
Setting up a company in a foreign country isn’t as daunting when you work with CompyCo. By leveraging Ireland’s well-developed infrastructure and high quality of life to make the investment process easier for you, we make this a revenue-boosting venture you can’t resist.
Ireland enjoys an enormous overseas export market; this is due to its strategic position between two continents and the abundance of unique products and natural riches there. The country’s high-tech knowledge economy specializes in technology research, computing and medical sciences, and world-class financial services.
Ever since Brexit, Ireland is the only English-speaking country in the entire Eurozone that has a young, competitive workforce and a stable, fast-growing economy. With tax incentives, cash benefits, a pool of talent at your disposal, we’ll help you take advantage of this lucrative opportunity awaiting you in Ireland.
Forms Of Companies In Ireland
- LTD—Private Company Limited by Shares
- DAC—Designated Activity Company
- CLG—Company Limited by Guarantee
- PLC—Public Limited Company
- LP—Limited Partnership Company
- Sole Trader
It all starts with company registration.
First step is to make sure Ireland is the right choice for your business.
After we help you set up a company, we can discuss your business needs and help with finding the right solutions, business partners, an office, employees, suppliers, marketing.
In other words, whatever your business needs are, we’ll assist you in no time to find the right solutions with optimal investment locally.
Talk to us today and find out more about our process of work.
Decided to set-up your business abroad?
You’ll need advising in the set-up phase, but you’ll also need a reliable and resourceful partner in the long run!
Choose your expansion partner wisely!
CompyCo stays with you all the way!
What is the difference between LTD and PLC in Ireland?
For foreign investors looking to set up their business in Ireland, LTD and PLC companies are the most common options, but what’s the difference between them?
In an Irish LTD company, the shareholders’ liability is limited to the value of their company shares. The company can have up to 14 shareholders and must have at least one director and secretary and at least one director has to be EEA resident or bond has to be paid.
A PLC in Ireland is usually started by those who want to enter the Irish Stock Exchange market. An Irish PLC can have an unlimited number of shareholders, but the minimum number of shareholders they must have is 7. The company’s share value has a minimum of 38, 092.14 EUR.
Fundamentals Of A Limited Liability Company
Corporate Tax in Ireland | VAT in Ireland |
|---|---|
12.5% | 23% |
Fundamentals of limited liability companies in the Ireland
| Limited liability company | A Private Company Limited by Shares (LTD) |
| Minimum Share capital | min 1 EUR |
| Registered office required | Yes |
| Physical office required | No |
| Min. number of Shareholders | 1 |
| Min. number of Directors | 1 |
| Local Director required | Minimum one director has to be resident of the EEA |
| Other requirements | A company secretary has to be separate person from Director if there is 1 director in the company |
| Bank signatory must travel | In many cases no |
| Timescale for company formation | 1 week |
| Timescale for bank account opening | 7 days |
| Timescale for obtaining VAT number | 7 days |
| Statutory audit requirements | No |
| Shelf companies available | No |
Setting up a business in Ireland
Setting up a limited company in Ireland is relatively straightforward, and the process typically takes no more than one week.
For non-EEA residents, the cost may be higher due to a bond of €2,200, which is valid for two years and must be renewed. Contact us for more information.
Once you have decided which company type best suits your business, you can begin the process immediately. Before registration, you will need to complete our application form and provide due diligence documentation.
CompyCo coordinates the incorporation process with trusted local partners. For LTD companies, we will coordinate delivery of the constitution (consisting of the Articles of Association) for your signature. A memorandum of association is not required for LTD companies, as no stated object clause is registered. Other company types must submit a two-document constitution, including both a memorandum and articles of association.
After registration, you will receive electronic company documents. Depending on your choice of bank, additional documents may be required, and we can assist with collecting these.
Our support doesn’t stop there. We also offer competitive accountancy services and ongoing advice to help your business operate smoothly in Ireland.
Doing business in Ireland
Foreign entrepreneurs and business owners often struggle with the regulations and processes of a new, unfamiliar country when starting a business in Ireland. Meeting all legal and administrative requirements can be daunting without local guidance.
CompyCo coordinates tailored, cost-effective solutions through our extensive network of local experts. Our team has years of experience helping business owners navigate Ireland’s lucrative economy.
We assist all non-resident business owners by offering banking, HR, and other administrative services they need along the way.
From collecting and preparing required information to coordinating with local authorities, we ensure your interests are protected and your business can operate smoothly.
By collaborating with a wide network of professionals across Ireland, CompyCo identifies the most suitable solutions for each client..
If you are investing in Ireland or you are looking for business representation in Ireland, we are here to help. Business help in Ireland is our specialty.
Bank Account Opening for Irish company
The options for opening a corporate bank account for an Irish company will be determined firstly by the residency of the director. If your company has an Irish director you can ask for a bank account in a high street bank. If that’s not the case, you will not be able to open an account in a high street bank such as Bank of Ireland or AIB. In that case, we’ll open an account in an online bank. There are various financial institutions in Ireland, both international and local so-called online banks where we can open an account for your Irish company remotely, and it’s important to weigh your options accordingly before you hump right in which one suits you best.
With CompyCo by your side, you can make a well-informed decision on which banks would be the most viable choice for your new business. Not every bank offers the same services or agrees to work with all types of business activities. That’s why we gain insight into your business’s needs and activities to explore banking options that’ll come to fruition! Once we start with company registration in Ireland, we’ll learn about you and your business and advise about banking while working on setting up a company in Ireland.
Some of the documents you’ll need to submit to open your bank account are:
- Identification can be in the form of a copy of your passport or identity card
- Certification for your business’s registration and licensing
- Proof of your business’s location
- All valid forms, signed by the company’s director where necessary
For more information about opening a bank account, head over here.
Accounting & Taxation in Ireland
Once you register a company in Ireland, you’ll need accountancy services. CompyCo will provide you with a competitive offer, which is optional to accept. You are free to choose other accountant.
As you open your bank account in Ireland, here are a few considerations regarding accounting and taxation to keep in mind:
- The tax year is the calendar year in Ireland.
- Taxable profits include trading profits, investments, and selling assets for more than their original cost.
- All businesses are required to keep account books throughout the year.
- The regulatory body to audit companies is the Irish Auditing and Accounting Supervisory Authority (IAASA).
- Ireland’s corporate taxation rate is 12.5%. However, a corporate tax rate of only 6.25% is charged for revenue related to a patent or intellectual property.
- Irish companies are issued VAT numbers with the format of the country code IR followed by a 9-digit number which ends with a letter. In Ireland, the current VAT rate is 23% on most goods and services, with some exceptions.
How can you employ staff in Ireland?
Company registration in Ireland is not necessary in some cases of employing staff. In some cases, the non-Irish company can employ staff as Foreign employer company and with that avoid unnecessary costs such as local company, Nominee director in Ireland, accountancy services.
A lucrative combination of a business-friendly environment, incentives, a booming market, and the availability of a highly-skilled workforce make Ireland a go-to choice for expanding businesses.
Hiring an employee for your Ireland-based business is governed by certain regulations and frameworks that can be difficult to navigate on your own. Working with our experts will ensure you have the necessary statutory employment protections, do the required paperwork, and register your company as an employer in the region.
CompyCo coordinates employee registrations, drafts employment agreements, and facilitates recruitment, onboarding, and retention through trusted local partners. Once your company begins operations, we also coordinate payroll services and other administrative support you may need as a foreign employer.
If you want to get more involved in the employment process, we’ll provide you access to our software so you can gain deeper insight into HR requirements, payroll obligations, and exercise greater control over your business.
Browse our HR services page for more information about our International HR services!
Next: Find out how can CompyCo help you set up a company in France, Netherlands or Malta.