Company Formation in Ireland – a step by step guide.
If you’re looking to establish a business in this vibrant and business-friendly country, you’re in the right place. The process of forming a company in Ireland involves several steps, including choosing a company name, deciding on the type of company, registering the company, obtaining a business tax ID number, opening a bank account, establishing a registered office, and filing annual returns.
Navigating through these steps can be a complex task, but fear not! With the expert guidance of Bradán Accountants, you can ensure that the process is completed smoothly and efficiently. Our experienced team will assist you every step of the way, ensuring that you are fully compliant with all relevant regulations and requirements.
Choose a Company Name:
In Ireland, selecting a company name is the first stage in registering your company. The name must be original and must have a differentiator from any name being used by another Irish company. By performing a search on the Companies Registration Office (CRO) website, you can usually determine whether your selected name is available, however they do have plenty of excluded names.
Search on CRO Website
Finalise a Registered Office:
A company in Ireland must have a registered office where official correspondence can be sent. The registered office does not have to be the physical location of the business, but it must be a valid address in Ireland. We offer this service where clients don’t have a suitable address.
Know More : Registered Office Service , Buy Registered Office Service
Decide On The Type Of Company:
You are able to start a business in Ireland in various ways but the most popular are set up as sole traders or limited companies (LTD). Some organisations such as charities set up a different type of company called a company limited by guarantee (CLG). There are other less common types like DACs. You should consider the legal and tax implications of each type of company and choose the one that best suits your needs.
Quick Information
Ready to optimise your financial strategies?
Appoint Directors:
The next step that needs to be done is to select new board members for the company. The management and administration of the company will be the responsibility of the directors of the company. A minimum of one director is required to form a private limited company in Ireland.
Read More : Director’s Roles and Responsibilities.
Appoint a Secretary:
The company needs a secretary. This can be a director where there is more than one director, or could be a spouse in the case of small family companies. Oftentimes professional firms, like Bradán Accountants, act as a company secretary. The duties relate to company secretarial / CRO matters.
Read More : Company Secretary’s Roles and Responsibilities.
Know More : Company Secretarial Services
Deciding On Shareholders (Members) Of The Company:
In Ireland, selecting a company name is the first stage in registering your company. The name must be original and must have a differentiator from any name being used by another Irish company. By performing a search on the Companies Registration Office (CRO) website, you can usually determine whether your selected name is available, however they do have plenty of excluded names.
Register The Company:
This is a two step process where firstly the Constitution of the company is signed by the Members and uploaded to CRO. Then the A1 document is signed by the new Director(s) and Secretary and uploaded along with the necessary fees to the CRO. This take up to 2 weeks. This can be done by anyone on CORE but we also have a company formation service.
Know More : Company Formation Service
Obtain A Business Tax Id Number:
Once the company has been registered, the next step is usually to register the company for tax and obtain a business tax ID number from the Irish Revenue Commissioners. The main tax types are corporation tax (on profits), VAT (on sales) and PAYE (on employee wages)
Open A Bank Account:
You will need to open a bank account in the name of the company. This will require you to provide the bank with proof of the company’s registration with CRO and copies of the documents. They will also need the usual AML (Anti-money laundering) documentation from the directors and beneficial owners of the company
File Beneficial Owners Report At RBO (Within 5 Months)
Companies in Ireland are required to file a beneficial owners report with the Register of Beneficial Ownership (RBO) within 5 months of the company formation or incorporation.
File Annual Return (After 6 Months)
Companies in Ireland are required to file annual returns with the Companies Registration Office (CRO). This is to keep the company’s details up-to-date and to confirm that the company is still in good standing. The first one is after 6 months and it is the only one that does not require annual accounts. There are fines and penalties for not filing on time.
Conclusion
The company formation process in Ireland involves several steps, including choosing a company name, deciding on the type of company, registering the company, obtaining a business tax ID number, opening a bank account, establishing a registered office, and filing annual returns.
With the help of Bradán Accountants, you can ensure that the process is completed smoothly and efficiently, and that you are fully compliant with all relevant regulations and requirements.
