REGISTER COMPANY IN IRELAND

Preface: Registering a company in Ireland is hassle-free with Fionza Consultants’ assistance. Ireland’s attractive corporate tax rate and pro-business environment make it one of the easiest countries to do business in. Plus, it boasts a strong and skilled labor force. Being one of the few English-speaking countries in the EU since the UK’s departure simplifies business dealings for English speakers.

With our efficient approach, you can count on our team of experts to ensure a smooth company registration process in Ireland. Whether you’re establishing an onshore or offshore company, our primary objective is to have your company operationally ready within the agreed-upon timeframe.

Our comprehensive service package covers all your needs for setting up a business in Ireland:

Choose Fionza Consultants for a seamless experience in registering your company in Ireland and enjoy the advantages of this business-friendly environment.

HOW LONG TO REGISTER COMPANY IN IRELAND AND OPEN CORPORATE BANK ACCOUNT?

Fionza Consultants offers speedy Ireland company registration, promising completion within just 2 weeks. Once we receive the necessary due diligence documents from your directors and shareholders, our dedicated team will promptly initiate the process. We’ll begin by conducting a thorough search to verify the availability of your preferred company name and then swiftly prepare all essential incorporation documents.

The best part? You won’t need to travel overseas during any part of the Ireland company registration process. Our streamlined services ensure convenience and efficiency for our clients.

Once Fionza Consultants successfully establishes your Ireland company, you can anticipate the swift delivery of crucial documents, including the certificate of formation, Memorandum and Articles of Association, as well as the register of directors and shareholders.

But that’s not all. Within just 4 weeks of registering your Ireland company, we’ll efficiently open a corporate bank account for you. This account will be established with a reputable local or international bank, giving you the flexibility you need for your business operations.

In summary, partnering with Fionza Consultants means your company will be up and running, fully operational, and ready for business within a mere 6 weeks from the moment you engage our services. Experience hassle-free Ireland company registration with us today.

CAN A FOREIGNER REGISTER COMPANY IN IRELAND?

Ireland offers full foreign ownership opportunities for companies and allows foreigners to fully own purchased property, making it an attractive destination for real estate investment. Moreover, meeting the director’s residency requirement offers various options to expedite company registration.

One approach is to engage a nominee director through Fionza Consultants, which streamlines the registration process for international clients. Alternatively, the residency requirement can be fulfilled by any resident within the European Economic Area (EEA), providing flexibility in your choices.

Companies can also consider a Non-EEA Resident Director Bond, where a fee is paid as an assurance to the Irish government of regulatory compliance, even without a resident director.

Lastly, onshore companies can satisfy this requirement by demonstrating substantial economic presence in Ireland, which involves hiring a sufficient number of Irish-based employees and engaging in significant domestic business activities.

HOW TO REGISTER COMPANY IN IRELAND?

Fionza Consultants recommends following this comprehensive guide to gain a complete understanding of the steps involved in incorporating a company and setting up a bank account in Ireland. By following these 7 steps meticulously, you can anticipate initiating business operations with your Irish company within approximately 6 weeks.

Step 1: Selecting the Right Corporate Entity for Your Ireland Company

Before incorporating your Irish company, it’s essential to align your business goals and activities with the most suitable corporate entity. Our dedicated consultants will guide you in determining factors such as the optimal paid-up share capital, corporate structure, relevant legislations, and any necessary licenses for your business operations.

Step 2: Reserving Your Company Name

Fionza Consultants will handle the reservation of your preferred company name through the Companies Registration Office.

Step 3: Meeting Director Residency Requirements

Our team will assist you in appointing a nominee director, who will facilitate interactions with external parties and ensure compliance with statutory obligations. If you opt not to appoint a nominee director, we will advise you on alternative options or work on proving your company’s genuine connection to Ireland through its economic activities.

Step 4: Preparing Supporting Documents

We will aid you in securing a local office address, which will serve as the registered office for maintaining corporate records and official documents. Directors and shareholders are typically required to provide basic Know Your Customer (KYC) documents, including director names, certified passport copies, proof of address, bank reference letters, and CVs for our internal due diligence checks. Additionally, we will draft Articles of Association, a business plan, and other incorporation documents tailored to your business activity and corporate structure. Note that Irish is not a mandatory language for your Articles of Association, as English is the official language of the country.

Step 5: Filing for Company Registration

We will proceed with filing for registration with the Companies Registration Office. Once approval is granted, we will courier the Certificate of Incorporation, Memorandum and Articles of Association, and other necessary corporate documents to your specified address. Depending on your business activities, we can also assist in obtaining the required business permits and licenses.

Step 6: Opening a Corporate Bank Account

After registration, Fionza Consultants will guide you through the process of opening a corporate bank account. Leveraging our established partnerships with reputable Irish banks, we will introduce your business to relationship managers and compliance teams. Typically, the account setup takes approximately 4 weeks, with no mandatory travel for directors and shareholders. However, should travel be necessary, we can arrange a representative to accompany you or negotiate a conference call or waiver with the banks. In cases where meetings are conducted in Irish, our team will provide a representative and translator to overcome any language barriers. Once your account is successfully opened, we will courier the internet banking token and access codes to your chosen address.

Step 7: Financial Reporting and Taxation Compliance

Following the establishment of your Irish corporate entity, Fionza Consultants will continue to offer accounting and tax services to ensure ongoing legal compliance with regulatory obligations.

Our dedicated consultants will prepare your firm’s financial statements, corporate tax returns, and handle bookkeeping on your behalf.

We will also assist in registering with the Office of the Revenue Commissioners in Ireland for your tax obligations, with corporate income tax generally set at 12.5%. Small and medium-sized companies may be exempt from annual financial statement filing if they meet specific thresholds.

Other applicable taxes include withholding tax, property tax, and Value Added Tax. Our team will be readily available to address any queries or concerns you may have regarding your company’s obligations.

TYPES OF BUSINESS ENTITIES TO CONSIDER WHEN YOU REGISTER COMPANY IN IRELAND

When considering the ideal business structure for your enterprise in Ireland, it’s crucial to evaluate various factors, including personal liability protection, tax implications, ownership and management flexibility, as well as compliance requirements. Fionza Consultants takes a comprehensive approach, thoroughly understanding your business before recommending the most suitable business entity in Ireland. Our assessment considers factors such as the nature of your business activities, tax obligations, and the nationalities of shareholders and directors. Our expert consultants will also provide detailed information on the specific requirements for establishing these entities.

Sole Proprietorship in Ireland

A sole proprietorship is the simplest business structure, where there is no legal distinction between the owner and the business. However, it exposes the owner to personal liability for all debts and obligations of the business.

Transfer of the business is not permitted, leading to a lack of continuity.

Sole proprietors are required to register for taxation with the Office of the Revenue Commissioners in Ireland.

There is no minimum share capital requirement for forming a sole proprietorship.

This structure is available only to residents of Ireland.

If you use your personal name for the business, registration with the Companies Registration Office is not necessary, but a business name requires registration.

Opening a separate bank account for the business is mandatory, often requiring a Certificate of Business Name.

Limited Partnership in Ireland

Formation of a limited partnership involves at least two natural persons or corporate bodies, with a requirement for at least one general partner and one limited partner (up to a maximum of 20 partners).

General partners have unlimited liability for the business’s debts and obligations, while limited partners’ liability is limited to their capital contributions.

Only general partners have managerial rights, while limited partners cannot manage the company.

Residency in Ireland is required only for general partners.

Private Limited Company in Ireland

A private limited liability company offers protection from unlimited liability, limiting your liability to the unpaid share capital (for shares) or the guaranteed sum (for guarantee companies).

You can establish a private limited company with a single director and a single shareholder, with flexible options for director residency.

No minimum capital requirement exists for setting up a private limited company.

A local registered address and a company secretary are necessary for statutory compliance.

Public Limited Company in Ireland

Public limited companies can be publicly listed on stock exchanges, providing limited liability and access to capital.

Share transfers are relatively easy.

An Annual General Meeting is compulsory.

A public limited company must have at least two directors and meet a minimum share capital requirement of €25,000 (with 25% paid on issue).

A secretary and a resident director are also required.

For more flexibility in operating across EU countries, consider a Societas Europaea, which demands a higher minimum capital of US$145,000.

Designated Activity Company (DAC) in Ireland

A DAC is a private company with specific activity limitations outlined in its Memorandum of Association.

It’s recommended for joint ventures or special purpose vehicles with defined activities.

Registration requires at least two directors.

Each business structure in Ireland has its advantages and drawbacks, and the choice depends on your unique circumstances and goals. Fionza Consultants can guide you through the process to ensure the most suitable entity for your business endeavors in Ireland.

TYPES OF SHARES TO CONSIDER WHEN REGISTERING A COMPANY IN IRELAND

The rights and obligations of a member within a company are contingent upon the provisions outlined in its articles of association or constitution. In cases where a company possesses a share capital, there is a presumption that all shares carry equal rights. However, the company has the flexibility to establish distinct classes of shares, encompassing ordinary, preference, and redeemable shares, through its memorandum and articles of association or constitution.

Ordinary Shares typically grant voting rights to their holders. In the event of the company’s liquidation, ordinary shareholders usually possess the right to partake in any surplus assets beyond their initial investment in the shares. If ordinary shares exhibit varying voting powers while maintaining uniform entitlements to dividends and capital, they are often categorized into different classes, such as Ordinary Shares Class A and Ordinary Shares Class B.

Preference Shares confer preferential rights, commonly pertaining to dividends or capital. A preferred dividend share typically grants the shareholder priority in receiving dividends compared to ordinary shareholders. The entitlements of preference shareholders to dividends are typically expressed as a percentage per annum of the share’s nominal value.

Redeemable Shares are shares that the company retains the option to redeem from its members. Upon redemption, these shares are typically canceled, although some may be retained by the company as treasury shares and subsequently reissued.

Bonus Shares are issued to existing shareholders in proportion to their current shareholdings. These shares are issued as fully paid up, meaning that shareholders are not required to make any additional payments for them. Bonus Shares are usually allocated from accumulated profits transferred to the company’s capital.

It’s important to note that Bearer Shares are not permissible in Irish Private Limited Companies.

ACCOUNTING AND TAX OBLIGATIONS

When it comes to incorporating your company, accounting and tax considerations play a pivotal role in your business’s success. Outsourcing your accounting and tax responsibilities to Fionza Consultants in Ireland can provide you with the assurance that your financial matters are in capable hands. Our team of dedicated consultants will handle essential tasks such as financial statement preparation, corporate tax returns, and audits, all without requiring you to make extensive travels.

In addition to the peace of mind you’ll gain from our expertise, outsourcing to Fionza Consultants can help you cut down on overhead costs while ensuring timely and accurate reporting and filings. Prior to commencing our engagement, our proficient accounting team will keep you informed about critical deadlines and expectations. Subsequently, we’ll proactively prepare all necessary filings to ensure that you meet the specified deadlines.

Annual Reporting Requirements in Ireland:

Fiscal Year: Ireland’s financial fiscal year spans from January 1st to December 31st.

Filing Deadline: Typically, tax returns for each financial year must be filed within 8 months and 23 days after the end of the accounting period.

Financial Statement Components: Your financial statement report should encompass a profit and loss account, a balance sheet, a directors’ report, and a statutory auditor’s report.

Director Sign-off: Two directors are required to sign on behalf of your company to verify the accuracy of the information submitted in the annual financial statements.

Exemptions:

Small companies may be exempted from submitting annual financial statements if they meet two of the following three requirements:

Turnover of less than €12 million (approximately US$14.5 million)

Balance sheet totaling less than €6 million (approximately US$7.27 million)

Total number of employees less than 50

Medium companies can benefit from audit exemptions if they meet two of the following three requirements:

Turnover of less than €40 million (approximately US$48.47 million)

Balance sheet totaling less than €20 million (approximately US$24.24 million)

Total number of employees less than 50

Corporate Income Tax:

The standard trading rate for all Ireland-incorporated companies is 12.5%.

Resident companies in Ireland are taxed on their worldwide profits, while non-resident companies are taxed only on their Ireland-sourced income.

Corporate tax in Ireland is categorized into trading income, non-trading income, and capital gains.

Non-trading or passive income is subject to a 25% corporation tax rate.

Profits from capital gains are taxed at a rate of 6.25%.

Withholding Tax:

Withholding tax is typically charged at a rate of 25% for Irish resident companies.

Exemptions may apply if the dividend recipient is an Irish company or a non-Irish company eligible under the Parent-Subsidiary Directive, requiring a minimum shareholding of 5% or more.

Value Added Tax (VAT):

VAT is applicable to the sale of goods and services, depending on your business’s offerings.

Most goods and services, such as solicitor or consultancy services and furniture or battery sales, are subject to the standard 23% VAT rate.

A reduced 13.5% VAT rate may apply to specific goods and services, such as repair or building services and take-away food purchases.

Certain items, including exports and books, qualify for a zero-rate VAT.

Outsourcing your accounting and tax needs to Fionza Consultants ensures that you are well-prepared to navigate these critical financial aspects of your business in Ireland.

WHY REGISTER COMPANY IN IRELAND?

Political: Ireland’s 2020 Corruption Perceptions Index by Transparency International places it 20th out of 180 countries in terms of public sector corruption.

The United Kingdom’s departure from the European Union has raised political challenges regarding the Northern Ireland peace process and the administration of the Irish border, which serves as the only land border between the UK and the EU.

Economic: As a member of the Eurozone, Ireland has been actively involved in fostering growth, stability, and economic integration in Europe.

In the 2020 World Bank Ease of Doing Business Report, Ireland secured the 24th position for ease of starting a business.

Ireland stands as the 5th freest economy in The Heritage Foundation’s 2021 Index of Economic Freedom, reflecting the success of its economic policies.

Social: Ireland officially recognizes both English and Irish as its languages, but English has become the dominant language in recent times.

According to the Organisation for Economic Co-operation and Development, young Irish people are among the world’s most educated.

Social Justice Ireland reported in 2019 that more than 689,000 individuals live in poverty in Ireland, highlighting the prevalence of poverty in the country.

Technological: The Silicon Docks area of Dublin is often referred to as Ireland’s equivalent of Silicon Valley, housing major tech companies like Google, Apple, and Facebook, showcasing Ireland’s technological prowess.

Ireland is actively promoting technology-oriented education among its youth through initiatives like Technological University Dublin (TU Dublin).

The establishment of Technology Ireland, a tech business group association, underscores the substantial and well-supported tech sector in Ireland.

Legal: Ireland boasts one of Europe’s lowest corporate tax rates, standing at 12.5%.

Recent changes in Ireland’s tax legislation include incentives for intellectual property protection, reflecting the country’s commitment to safeguarding individual rights.

Irish Times Legal Affairs Editor, Caroul Coulter, has identified flaws in the Irish legal system, including high legal costs and inefficient court proceedings, which she suggests require aggressive government action.

Environmental: As part of the European Green Deal, Ireland is dedicated to formulating policies to reduce emissions and invest in Research and Development to protect Europe’s environment.

Under the European Union Effort Sharing legislation, Ireland has exceeded its 2018 annual emissions allocation by over 5 million tonnes.

While Ireland is making commendable efforts to protect the environment, its use of renewables falls short of one eighth of its energy consumption.

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