Advice and Guidance for Startups in Ireland

The next event in our Startup Series will be a live Webinar For Startups taking place on Monday 14th May at 10:30 am.

This is a webinar for startups who are setting up a business in Ireland and have questions about the early stages of business development. It will give you give you practical tips such as whether it’s best to set up as a limited company or a sole trader, whether you will pay less tax if you set up as a limited company, tax rates and setting up bank accounts in Ireland.


Accountant Online’s Jennifer Harrison ACA will be offering valuable advice and guidance for startups during the early development stages of their business.

Chartered Accountant Jennifer Harrison
Chartered Accountant Jennifer Harrison

Throughout the webinar, we encourage startups to ask their questions and join the conversation.

It was very informative and I feel more motivated to get things off the ground – Mike O’Keefe

If you’re starting a business, you’re in the process of making some big decisions.  Maybe you’re deciding if your idea is a viable one, maybe you’re giving up your job, or looking for investment.

I have found it to be very informative and interactive, just what any startup would need. – Maria Salahovs

Webinar For Startups - An opportunity for you to get advice on starting a business in Ireland
Webinar For Startups – An opportunity for you to get advice on starting a business in Ireland

Qualified Chartered Accountant Jennifer will be on hand to answer your questions and discuss queries such as:

  1. What structure is best Sole trader, Limited Company or Partnership?
  2. How do I qualify for Corporate Tax @ 12.5%?
  3. What expenses are allowable to claim?
  4. How do I minimise tax liability?
  5. How do I make sure I’m compliant with CRO and Revenue?
  6. What are the minimum steps required for setting up a limited company?
  7. When do I register for VAT?
  8. What is the difference between authorised and issued shares?
  9. How do I make sure my company is set up in a way that is right when I look for funding?

Q. What Are The Requirements For Startups When Setting Up A Business Bank Account?

First things first, as a Sole Trader, to open a bank account you will need one form of ID verification and two forms of address verification. If you have a business name that is different than your personal name you will also need your Business Registration Number.

As a Limited Company, you will need the original or a Certified Copy of the Certificate of Incorporation. The CRO issues this when you register your company. You will also need the Company’s tax reference number, proof of ID and two forms of proof of address. Here is an article from one of our team writing about their experience of searching for the most suitable business bank accounts for small businesses. 

Some banks have special offers for startups. Meanwhile, others offer features that might be beneficial for your business like waived transaction fees and free bank transfers within the EU. Many offer free mentoring, others provide a space for you to work e.g. Bank of Ireland Workbench.

Startup business
Startup business

Q. When Do I Register For VAT?

A. Once you have set up your new company, you need to begin tax registration in Ireland. Registering for VAT can be a tactical decision for a startup. Generally, to register for VAT you would expect to turnover:

  • €37,500 a year or more for a service-based business
  • €75,000 a year or more for a product-based business
  • A Business where Product/Service combined. Use the €37,500 number if you think you might need to register

Q. Should I Stay As A Sole Trader Or Become A Limited Company?

A. Perhaps the most common question we receive from startups is whether to stay as a Sole Trader or become a Limited Company. Starting out as a sole trader is quicker and easier, but there are also advantages to being a limited company. A limited company is a separate legal entity to its owners. This means reduced liability on claims against your business. However, a sole trader is personally liable for all debts.

Just wanted to say a big thanks to Larissa for today’s session. Excellent initiative – Donal O Duibhir

Q. How Do I Register My Company?

A. You can set up your company here quickly online using our secure checkout.Here is a summary of what details you will need

  1. Gather your paperwork – We have a great post on all the documentation you need to set up your limited company. In summary, you need details of all directors, along with their PPS numbers, addresses, and birth dates.
  2. Choose your company name; pick a couple of different names that you like. We will do a free company name check for you to make sure it is available.
  3. Where would you like to register your company? It must be a registered address in the Republic of Ireland. If you don’t have an office address and don’t wish to use your home address, we can help you with this.
  4. How do you want to split the company shares? We usually advise that you issue 100 shares of 1 Euro in value and have authorised shares of 10,000. This increases the speed of formations. It also means that if you want to ‘issue’ shares later, you have an abundance available to issue. You can change this later at any time.
  5. Consider your directors – you must have at least 1 director and 1 Company Secretary.
  6. Express Online Purchase. Our forms for company formation are simple, quick and easy to complete. We have helpful tips all the way through the process. If you’d prefer us to complete for you, give us a call on 01 905 9364 and we’ll be delighted to help.

Q. How Much Does An Accountant Cost?

A. If you are a startup limited company, we offer a fixed fee of €25 + VAT per month for the first 6 months of trading, paid in advance. This offer includes the filing of your first Annual Return (which is due after 6 months of incorporation). You will also get access to your own dedicated team of accountants who will help you on the road to being a successful startup. Giving you the best start in your new business.

If you missed our last webinar and have questions or you have some additional queries regarding our upcoming webinar, let us know by emailing us at hello@accountantonline.ie. Find us on Twitter and Facebook.

This has been really helpful, thank you for your time and knowledge – Siobhan

Get in touch for by sending an email to hello@accountantonline.ie