Tapping into Ireland’s ever-growing economy is a viable business move for business owners who are considering expanding outside their jurisdiction. Invest in the Eurozone’s fastest growing economy, gain strategic access to markets across Europe, and take advantage of the open, competitive economy of Ireland.
Setting up a company in a foreign country isn’t as daunting when you work with CompyCo. By leveraging Ireland’s well-developed infrastructure and high quality of life to make the investment process easier for you, we make this a revenue-boosting venture you can’t resist.
Ireland enjoys an enormous overseas export market; this is due to its strategic position between two continents and the abundance of unique products and natural riches there. The country’s high-tech knowledge economy specializes in technology research, computing and medical sciences, and world-class financial services.
Ever since Brexit, Ireland is the only English-speaking country in the entire Eurozone that has a young, competitive workforce and a stable, fast-growing economy. With tax incentives, cash benefits, a pool of talent at your disposal, we’ll help you take advantage of this lucrative opportunity awaiting you in Ireland.
Forms Of Companies In Ireland
- LTD—Private Company Limited by Shares
- DAC—Designated Activity Company
- CLG—Company Limited by Guarantee
- PLC—Public Limited Company
- LP—Limited Partnership Company
- Sole Trader
What is the difference between LTD and PLC in Ireland?
For foreign investors looking to set up their business in Ireland, LTD and PLC companies are the most common options, but what’s the difference between them?
In an Irish LTD company, the shareholders’ liability is limited to the value of their company shares. The company can have up to 14 shareholders and must have at least one director and secretary and at least one director has to be EEA resident or bond has to be paid.
A PLC in Ireland is usually started by those who want to enter the Irish Stock Exchange market. An Irish PLC can have an unlimited number of shareholders, but the minimum number of shareholders they must have is 7. The company’s share value has a minimum of 38, 092.14 EUR.
Fundamentals Of A Limited Liability Company
Corporate Tax in Ireland
VAT in Ireland
Fundamentals of limited liability companies in the Ireland
|Limited liability company||A Private Company Limited by Shares (LTD)|
|Minimum Share capital||min 1 EUR|
|Registered office required||Yes|
|Physical office required||No|
|Min. number of Shareholders||1|
|Min. number of Directors||1|
|Local Director required|
Minimum one director has to be resident of the EEA
|Other requirements||A company secretary has to be separate person from Director if there is 1 director in the company|
|Bank signatory must travel||In many cases no|
|Timescale for company formation||1 week|
|Timescale for bank account opening||7 days|
|Timescale for obtaining VAT number||7 days|
|Statutory audit requirements||No|
|Shelf companies available||No|
How can I set up my company in Ireland?
A young talent pool, political stability, supportive authorities, a strong legal framework, and a lenient tax system are just some of the reasons so many business owners are flocking to Ireland.
When you’ve decided which company type is most suitable for your business, you can start the process of setting up your business entity right away.
Within just a few days, CompyCo’s experts can complete the incorporation and registration process remotely. Before you begin the process of registering an LTD company, you will have to deliver due diligence documentation. After that we will deliver the constitution for you to sign along with a few more documents. The LTD constitution document consists of the articles of association. An LTD company doesn’t need to provide a memorandum of association since no stated object clause is being registered in the company.
All other company types are obligated to submit a two-document constitution which includes a memorandum and articles of association.
After getting through this initial step, we can proceed to provide a signed and couriered company incorporation legal form, translations and notarization of paperwork, registration with the Irish Revenue Department, and setting up your bank account.
Foreign entrepreneurs and business owners often struggle to grapple with all the regulations and processes of a new, unfamiliar country. Understandably, it can be daunting to try to meet all the guidelines and set up a company without any hiccups along the way.
CompyCo’s full-service solutions offer creative and cost-effective alternatives that are tailored to your needs. Our team has been in the business for years and have helped countless business owners by registering their companies in Ireland’s lucrative economy.
We assist all non-resident business owners by offering banking, HR, and other administrative services they need along the way. From requesting and collecting the information for you to representing and protecting your interests, our priority is your business success!
Our experts around the world are working tirelessly to get your company up and running promptly, making sure each step of the process is completed with precision and efficiency.
Bank Account Opening
Setting up a corporate bank account in Ireland is vital to registering your company here. There are various financial institutions in Ireland, both international and local banks, and it’s important to weigh your options accordingly before you hump right in.
With CompyCo’s experts by your side, you can make a well-informed decision on which banks would be the most viable choice for your new business. Not every bank offers the same services or agrees to work with all types of business activities. That’s why we gain insight into your business’s needs and activities to explore banking options that’ll come to fruition!
Some of the documents you’ll need to submit to open your bank account are:
- Identification which can be in the form of a copy of your passport or identity card
- Certification for your business’s registration and licensing
- Proof of your business’s location
- All valid forms, signed by the company’s director where necessary
For more information about opening a bank account, head over here.
Accounting & Taxation
As you open your bank account in Ireland, here are a few considerations regarding accounting and taxation to keep in mind:
- The tax year is the calendar year in Ireland.
- Taxable profits include trading profits, investments, and selling assets for more than their original cost.
- All businesses are required to keep account books throughout the year.
- The regulatory body to audit companies is the Irish Auditing and Accounting Supervisory Authority (IAASA).
- Ireland’s corporate taxation rate is 12.5%. However, a corporate tax rate of only 6.25% is charged for revenue related to a patent or intellectual property.
- Irish companies are issued VAT numbers with the format of the country code IR followed by a 9-digit number which ends with a letter. In Ireland, the current VAT rate is 23% on most goods and services, with some exceptions.
How can you employ staff in Ireland?
A lucrative combination of a business-friendly environment, incentives, a booming market, and the availability of a highly-skilled workforce make Ireland a go-to choice for expanding businesses.
Hiring an employee for your Ireland-based business is governed by certain regulations and frameworks that can be difficult to navigate on your own. Working with our experts will ensure you have the necessary statutory employment protections, do the required paperwork, and register your company as an employer in the region.
We look after all the registrations, draft employment agreements, recruit, onboard, and retain however many employees you need. Once your company begins its operations, we offer payroll services and any other assistance you might need as a foreign employer.
If you want to get more involved in the employment process, we’ll provide you access to our software so you can gain deeper insight into HR requirements, payroll obligations, and exercise greater control over your business.
Browse our HR services page for more information about our International HR services!