Are you a resident in a non-EEA country but you want to set up a company in Ireland? Are you attracted to what Ireland has to offer – tax incentives, access to talent and the European Union, and much more?
Setting up a company in Ireland requires at least one EEA-resident director, a separate company secretary, an Irish address, and share capital. If none of the directors is resident in an EEA country, then the company needs to purchase a Section 137 bond.
Availing the perks of a company secretary service can simplify this complex process, ensuring every requirement is met seamlessly.
Our guide will give you all the information you need about setting up an Irish company as a non-EEA resident director.
Can I be a non-resident director in Ireland?
Yes, if you are a non-EEA resident, you can become a director in Ireland. Note that to set up a company as a non-resident, you must meet certain conditions and directors of Irish companies must pay tax in Ireland.
These conditions apply even if you are a citizen of the EEA who is living outside of the EEA. The rules apply to where you live, not your citizenship.
How to set up a company in Ireland as a non-EEA resident?
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Secure a Section 137 bond
If an Irish Company does not have at least one director who is resident in the EEA, a bond must be taken out to insure the company against certain breaches of Irish Company Law.
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Meet company formation requirements
Irish companies must have at least one director, a separate company secretary, a Irish registered address and business address, and at least one share holder with share capital.
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Obtain a Verified Identity Number (VIN) (new requirement)
You can fulfil this requirement by completing a Form VIF or seeking advice from a company formation agent, like Accountant Online.
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Complete new company application
Once the bond is secured and you meet the requirements, non-EEA residents can apply to the Companies Registration Office (CRO) to set up an Irish company.
What Is A Section 137 Bond For Non-EEA Resident Directors?
A Section 137 bond is a type of bond that acts as an insurance guarantee for any liabilities a company may incur while a non-EEA resident is a director in Ireland.
The bond secures the company against certain breaches of the Companies Acts and Taxes Acts for a period of 2 years. The bond for non-EEA resident directors holds a value of €25,000 but note that it doesn’t usually cost that much to secure one. With Accountant Online, we can take care of all the paperwork on your behalf with our Bond for Non-EEA Resident Directors service.
What is a Verified Identity Number (VIN)?
The Verified Identity Number (VIN) is required by directors to set up a company in Ireland. It is only required if the director does not have a Personal Public Service (PPS) number or a Central Registrar of Beneficial Owners (RBO) number.
The purpose of supplying this number is to verify your identity.
The CRO are in the process of launching the Form VIF – Declaration as to Verification of Identity to help directors obtain their Verified Identity Number (VIN).
This requirement is set to launch in April 2023 so we recommend that you reach out to a member of our team for more information on non-EEA resident directors starting a company in Ireland.
Setting up a company in Ireland from UK
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UK residents starting a business in Ireland
If you’re a UK resident, you can incorporate a company in Ireland, however, if all the directors intend to live in the UK or in a non-EEA country, then you will need to have a Section 137 bond. Note that these rules also apply to companies set up in Northern Ireland.
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Established company in Ireland with only UK directors
If you already have a business in Ireland but because of the new Brexit rules, you only have only UK directors, you can apply for a certificate from the CRO to be exempt from this requirement. You’ll also need a letter from Revenue stating that your company has a “real and continuous link” with one or more economic activities in Ireland.
Frequently Asked Questions
How long does it take to set up a company in Ireland as a non-EEA resident director?
It can take up to 3 weeks to set up a company in Ireland as a non-EEA resident director. The process involves securing the Section 137 Bond from a financial institution so it can cause certain delays.
Setting up a company in Ireland involves several requirements and it is important that these criteria are met before you submit the new company application to the Companies Registration Office (CRO). Many of our clients have outsourced the company formation process to our team of professionals and availed of our Non-EU/EEA Company Formation Package for expert guidance.
What are the tax obligations for non-EEA resident directors?
Non-EEA resident directors are subject to the same tax obligations as Irish resident directors, including registering for taxes and complying with Irish tax laws.
Can a non-EEA resident be the sole director of an Irish company?
Yes, a non-EEA resident can be the sole director of an Irish company. However, they must comply with all the legal requirements for setting up a company in Ireland. This includes having a separate company secretary, an Irish regsitered office and business address, and have at least one shareholder with share capital.
Rachel is a certified company secretary from The Law Society College Dublin and currently leads the Company Secretarial Team at Accountant Online. Areas of expertise include Company Formation in Ireland and the UK, Company Secretarial procedures and regulations, and the Companies Act 2014 relating to small business and company directors.
