Company Registration In Ireland
Mar 26, 2021
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Are you clueless about how you can go about a company Registration in Ireland? If so, look no further! This article converses everything one must know about the quickest and cheapest way to register a company in Ireland legally.Setting Up A Company
An entity that wishes to form a company in Ireland must first interact with the CRO or the Companies Registration Office. The CRO is an Irish Government Department that handles all company registration affairs. The easiest way to establish yourself as a business is by completing all the legal work asked by the CRO. However, let us look at what a Private Limited company is as it has an unorthodox definition in some regions.
Private Limited Company
A Private Limited Company or an LTD is generally very common and easy-to-manage. The shareholder or a member of the board of directors is held liable for all investments. Do note that companies in Ireland are considered as their single entities. So, you can issue loans and sign legal contract work under the guise of the company.
One who was once a Sole Trader and now wishes to change to a Private Limited Company will have to meet many a lot of legal requirements before they can do so.
Employ a Director
You need at least one director before you can start your business. They manage the entire company's nitty-gritty. In smaller companies, the shareholders are generally directors too.
A director who is a resident of the EEA is required. If that is not the case in a company, a non-EEA bond must be purchased before further legal paperwork can be done. For example, if all your directors from the US, one director must purchase a bond before registering a company in Ireland.
Appoint a Secretary
If a company has a sole director, they need someone else to be a secretary. On the other hand, if there are multiple directors, one can act as the secretary. Their main role is the filing of a Return Report Annually.
Have a Shareholder
Owners of a company are called shareholders. Smaller companies have the liberty of having multiple directors who can be assigned multiple roles. For example, a second director can also serve as a general secretary. One must have an established document with their co-partner before going about and forming the business.
The number of shares that are going to be released must be taken by the directors at this stage as well.
Have a Physical Business Location and Address
A physical location alongside a permanent address is required. It is where you will get all your business mail and invoices. The location will be monitored regularly. We recommend not using a residential address but a virtual one instead.
You must possess a uniquely identifiable business name that resonates with you. The Irish Registrar is tasked with checking if the name given adheres to the guidelines provided.
Incorporate Your Company
For incorporation of your company, there are three options you can follow:
- Register online using CORE.
- Submit a paper application from the CRO website.
- Outsource the entire process to a VA (Virtual Assistant.)
The online website form is by far the simplest methodology to establish a business. However, outsourcing to a VA or an online accountancy firm is not a bad option if it seems confusing.
Open a Bank Account and Register for Taxes
One of the last major steps, your company director needs to set up a bank in the company’s name. Your company should already be incorporated by now. You also need to bring a copy of your A1 form as well.
Once your bank account is formed, finish your company’s registration with the revenue authority. Your accountant is the one tasked with this process in the majority of cases.
File for RBO and CRO Annual Returns
If you are a majority shareholder (over 25%), registering an RBO on their website is of pivotal importance. You must complete this entire process within five months. Not completing your RBO on time can have you be penalized and is considered a negligent offense in some cases.
Within the first three months of incorporation, a CRO must be signed that dictates your Annual Tax Return Date. This document is usually filed by your Company Secretary and is pivotal for your Tax Returns.
Your last step to step before completion is to purchase a Company Seal, which is used in signing and stamping all official company letters and invoices.
Conclusion:
In conclusion, company registration in Ireland is quite a meticulous process. However, it is of pivotal importance if you want to grow and expand your business further. The Irish government has introduced many leniencies in the past few months to help with online company registrations.
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