Introduction

Navigating the process of a limited company setup in Ireland as a foreign national or Non-EEA Director involves understanding various requirements, legal obligations, and potential challenges. This FAQ aims to provide comprehensive insights into the documentation, costs, and steps involved in setting up a limited company in Ireland for those outside the EEA.

Important Summary

  • Foreign nationals can set up a limited company in Ireland provided they have at least one EEA resident director or get a Section 137 bond. Non-EEA directors must also get a VIN (Verified Identity Number).
  • The main requirements for foreign nationals setting up an Irish company are: EEA resident director or Section 137 bond, separate company secretary, Irish registered address, share capital.
  • Legal obligations include filing annual returns, maintaining proper company records, tax compliance. Failure to comply can lead to penalties.
  • Documents needed: proof of ID, proof of address, consent of director forms, constitution, shareholder details.
  • Costs include: incorporation fees (~€500-1000), section 137 bond (~€1000-5000), annual compliance fees. Bank fees also apply.
  • Challenges include: finding an EEA resident director, opening a bank account, tax registration, lack of physical presence. Advisable to use a formation agent.

What are the Requirements & Process for setting up a limited company?

Requirements for Foreign National

  • At least one EEA resident director required on the board or a Section 137 bond.
  • Non-EEA directors need a Verified Identity Number (VIN).
  • Separate company secretary required (can outsource).
  • Irish registered address cannot be a PO box.
  • Minimum share capital of €100.

Non-EEA Director Process

  • Get Section 137 bond from financial institution.
  • Provide proof of ID and address for non-EEA directors.
  • File additional forms with CRO (B2, B5).
  • Obtain Verified Identity Number (VIN).
  • Complete new company application.

Key Challenges

  • Finding an EEA resident director.
  • Opening an Irish bank account.
  • Tax registration without Irish presence.
  • Establishing physical presence
  • Lack of contacts/knowledge of Irish system
  • Advisable to use an experienced formation agent for guidance
  • File annual returns and accounts.
  • Maintain company records.
  • Comply with Irish company law and tax requirements.
  • Penalties for non-compliance.

Documents Needed

  • Proof of ID and address for directors/shareholders.
  • Consent to act as director forms.
  • Constitution.
  • Shareholder details.
  • Other incorporation forms

Estimated Costs

  • Incorporation fees: €500-1000.
  • Section 137 bond: €1000-5000.
  • Annual compliance fees.
  • Bank account fees
  • Accounting/legal fees

Read More : 11 Benefits of Company Formation in Ireland for Overseas Business: A Guide to Tax Benefits and More

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8 Simple Steps for a Limited Company Setup in Ireland as a Non-EEA Director

Our Service: Company Formation Service

  1. Determine if you are eligible for a Bond for Non-EEA Resident Directors in Ireland: To obtain a Bond for Non-EEA Resident Directors in Ireland, you must be a non-EEA national who is resident outside of the EEA and has been appointed as a director of an Irish company.
  2. Choose a reputable insurance provider: You can choose a reputable insurance provider who specialises in offering bonds for non-EEA resident directors. You can ask for recommendations from other business owners or look for reviews and ratings online.
  3. Obtain the required information: To obtain the bond, you will need to provide the insurance provider with information about the company, its directors, and the nature of its business. You will also need to provide your personal details, including your passport and proof of address.
  4. Apply for the Bond: Once you have gathered all the required information, you can submit your application for the Bond for Non-EEA Resident Directors. The insurance provider will evaluate your application and may request additional information or documentation.
  5. Payment of Premiums: If your application is approved, you will need to pay the premiums for the Bond. The premiums will depend on the size of the bond and the length of the policy.
  6. Receive the Bond: After you have paid the premiums, the insurance provider will issue the Bond for Non-EEA Resident Directors. You should receive a physical copy of the bond, which you should keep in a safe place.
  7. Filing the Bond with the Companies Registration Office (CRO): Once you have received the Bond, you should file it with the Companies Registration Office (CRO) in Ireland. This can be done by mail, in person, or online through the CRO’s website.
  8. Ongoing Maintenance: You will need to renew your Bond for Non-EEA Resident Directors annually, and you should ensure that the insurance provider is aware of any changes to your personal details or the details of the company.

By following these steps, you can obtain a Bond for Non-EEA Resident Directors in Ireland and fulfil the requirements for being a director of an Irish company.