Why Set Up A Limited Company In Ireland?
One of the main reasons why is that you may qualify for 12.5% Corporation Tax, which is significantly lower than many other countries. Furthermore, this compares very favourably to high personal tax rates sole traders must pay.
What Is The Difference Between A Sole Trader and Limited Company?
- Sole trader setup is a relatively quick process and is easier to complete if you’re trying to do it on your own. However, Sole trader taxes may be higher and there are greater liabilities on claims made against your business.
- Limited Companies will pay much lower rates of tax. In addition, you may be more protected against liabilities. However, there are more steps and regulations involved to register a company in Ireland.
Many of our clients for example, set up initially as a sole trader and trade under a different business name to their own personal name for the first year or two in business. However, it is not always this straight forward as the sole trader or limited company business structures are quite different.
How To Start A Limited Company?
- Get your paperwork ready – you need to collect details of all directors, their PPS numbers, addresses and birth dates.
- Choose your company name – Search online and pick a few names that you like. We suggest picking a few names as the company registration process can be delayed if the name you choose is not available.
- Think about where you want to register the company. It must be an address in the Republic of Ireland. If you don’t have an office address and don’t wish to use your home address, look around for a registered office address service in Ireland.
- Decide how you will split shares – We usually advise that you issue 100 shares of 1 Euro in value and have authorised shares of 100,000. This just means that if you want to ‘issue’ shares later, you have lots available to issue. You can change this later at any time.
- Choose the director – you must have at least 1 director and 1 company secretary. At least one director should be a resident in a Member state of the EEA . Non-resident directors starting a company in Ireland require a bond.
These points are a quick summary of what you need to know before starting a limited company.
How Much Does It Cost To Set Up A Company?
The basic requirement is that you register with the Companies Registration Office and that you register your B1 within 6 months.
In addition, there are other legal requirements such as having a company seal in order to process certain legal documents. However, this is not an immediate requirement. People often buy it at a later stage, when there is a requirement to seal legal documents.
Do I Need A Company Secretary?
It is a legal requirement for all limited companies to have a company secretary. Their main responsibility is to ensure that the company and it’s directors are operating accordingly to relevant legislation.
You can outsource the company secretary role and or use a specialist as the named company secretary. secretarial services pricing with Accountant Online costs about €290+VAT per year
Do I Require An Irish Business Address?
When registering for tax with Revenue, you are required to provide a business address. Think of your business address as your trading address, the definition being that this is where you trade from. If you run an online business with no physical trading location, Revenue still require that you have a business address.
Will I Need A Registered Office Address?
When registering a company in Ireland, it is a requirement that you have a Registered Office Address in the Republic of Ireland. This is a legal requirement and legal notices and correspondence with the Companies Registration Office are sent to this address.
Do I Need To Register For Tax?
If you’re forming a limited company, you will need to register for tax. Depending on the size of your business, you may have to register for 3 or 4 different kinds of taxes or levies.
Outsourcing tax registration is a very popular option as it is a very time-consuming activity. This is particularly the case if you are not familiar with the forms or processes involved.
How Do I Choose The Best Service?
What we feel is missing for the client, is the expertise in relation to the client’s needs later on, when there is a requirement to file B1 forms, to register for tax and maintain the company register accurately. For this reason, we believe that forming your company with a firm of chartered accountants with company secretarial expertise is the best choice.
Our expert and professionally qualified team has both chartered secretary and chartered accountancy expertise along with a dedicated client service team which will give you the best advice suitable to your situation.
How Long Does Company Formation Take?
You can expect to have your new company incorporated within a week. We process all company formation purchases the same day through our online purchase and application service which submits your essential information to us instantly.
Furthermore, we have a direct link with the CRO which means that all of our communications are fast tracked for an express service.
Setting Up A New Limited Company in Ireland?
If you have made the decision to set up as a limited company – Congratulations! We are here to help you through the process. We offer a complete company formation package for setting up your new company in Ireland.
Why Choose Accountant Online?
- Expert company secretarial advice on how to set up your company correctly from the beginning
- Express service – being members of the CRO scheme for expedited service, we guarantee the fastest turnaround possible for company incorporation.
- Exclusive startup discounts on web design, printing and workbench for Accountant Online clients
- Award winning Chartered Accountants with qualified Chartered Secretarial staff
- Cross Border Expertise; with offices in both the UK and Ireland
- Non-Resident Director Expertise; our clients come from all over the world to set up their company in Ireland
- Lifetime guarantee of service regarding your new company formation
- Complete New Company Formation Package costs €250 + VAT
Our Package Includes:
- Certificate of Incorporation
- Company Constitution
- Share Certificates
- Schedule of Company Officers
- Secure Digital Register
- Corporation Tax Registration
- First Annual Return
- Free Offers on web design, print and workbench space