5 Things To Know Before Starting A Limited Company

Here we outline 5 things you need to gather in advance of registering a new Limited Company in Ireland.

This is an exciting time for you, so let’s get everything sorted before you purchase your new company registration package.

1. Limited Company Name

First, you should come up with at least 3 proposed company names. Rank them in order of preference and let us do the rest. New limited companies are required to have a name that is distinguishable from other companies already registered with the CRO. We carry out a number of checks on your proposed company name as part of our new company registration package. 

Can’t think of a good company name? Check out our top tips on choosing your company name.

Like forming your company, finding the right company name is a big decision. It requires thought and creativity. Your company’s name will help to build a strong brand identity. Delve into the culture and activities of your company and come up with a unique and distinguishing name for your new company.

2. Director(s), Company Secretary, And Shareholders Details

Who will be the director, company secretary and shareholders in your company?

The director is responsible for managing the company. Irish limited companies need to have at least one EEA-Resident director. If you don’t have a director who lives in the EEA, you can purchase a non-resident Bond on our website. This is a type of insurance that covers the company over certain claims, up to €25,000, for two years. After two years, the Bond needs to be renewed.

If you only have one director, you will need to appoint a separate company secretary. If you have two directors, one of these people can also act as the company secretary. As a company secretary, there are certain responsibilities. Many startups choose to outsource this role because they don’t have the skillset to look after their company’s compliance. Without a reliable company secretary, your company could face serious fines and penalties.

A shareholder is a person who has shares in the business. Having shares in a business basically means that you own part of it. In startups and small businesses, it is very common for shareholders and directors and/or company secretary to be the same people.

3. Registered Address And Business Address Of Your Limited Company

When you’re setting up a Limited Company in Ireland, you need a registered office address and a business address.

Here are 5 things you should know about this:

  • The registered address is where the Company Registration Office send the business’s legal notices
  • The registered address must be in the Republic of Ireland
  • This address will be publicly available to anyone who looks up your company on the Companies’ Registration Office
  • If you don’t want to use your private address as your registered address, we offer a registered office service. This allows you to use Accountant Online’s address as your registered office
  • Your official registered company address does not have to be the same as your business address (the place where you actually conduct your business)

4. Authorised And Issued Share Capital

Think of shares as pieces of the company that you can give away. Authorised shares are the number of shares that you can to give, both now and in the future. Issued shares are the number of shares that are actually given out and paid for. Those who pay for shares are called shareholders. Shareholders are the people who own your company.

We recommend 100,000 authorised shares and 100 issued shares at €1 each. If you’re setting up a company on your own, you will most likely give yourself the 100 shares, meaning you have 100% ownership of the company. When there are two shareholders in a company who have 50 shares each, they both have 50% ownership of the company.

5. Verified ID And Proof Of Address

When you’re setting up a new Limited Company with Accountant Online, you will need to provide us with certified copies of your ID (e.g. passport, identity card or drivers licence) and proof of address (e.g. utility bill, mobile phone bill, letters from Revenue). As members of Chartered Accountants Ireland, we are required to “Know Your Customer” and this is a reasonable step for us to build a relationship with our clients.

How Do I Get A Document Certifed?

Getting your documents verified can be a simple and quick process.

  • Take your ID and proof of address document (no older than 3 months old) to a member of your local Police, Bank, Town Hall, Solicitor, Chartered Accountant or Public Notary. Post offices in the UK can also do this.
  • The authorised body will take a photocopy of your documents and sign and stamp the copy to say that they certify it to be a true copy of the originals.

Should I set up a limited company? We offer support for those struggling to make the decision to become a sole trader or limited company.

Still Unsure About Moving On From Sole Trader To Limited Company?

Choosing to become a Sole Trader or Limited Company is a difficult decision to make. There are plenty of pros and cons linked to both business types. Choosing which structure suits you best depends on your personal situation.

If you choose to form your company in Ireland, you should also have a good company secretary so that you don’t have to worry about the compliance elements of filing, shareholding, and submissions that are required.

For your tax and compliance needs, you will also need a good accounting firm to guide you along the way. We are here to help.

Online Company Formation Service

Once you have gathered all of the details listed above, you can purchase your new company online using our secure checkout service. We process your order on the same day and you will have your incorporation completed within a week.

Special Offers For Startups

We specialise in startups and understand that usually you are working off strict budgets and bootstrapping your way to success, so we have partnered with a number of companies to offer you discounts on web design, workbench and printing services for startups registering their new company with Accountant Online. We also offer a discounted rate for accountancy services for startups.

Call us on 01 905 9364  or send an email to hello@accountantonline.ie. Find us on TwitterFacebook and LinkedIn