Company registration in Ireland | SIGTAX

Company registration in Ireland

How to register a company in Ireland

Currently, a lot of foreign investors are flocking into Ireland to start businesses. Ireland is swiftly becoming an attractive destination for its easy company registration procedures & flourishing economy. 

Talking about its economy, here is what's really fascinating:

  1. Ireland has relatively low corporate tax rates (12.5%) in the European Union;
  2. It offers a variety of tax benefits;
  3. The world bank ranks it on first position in "doing business" within the EU;
  4. In 2019 alone, its GDP improved by 5.5%, and a further 6% boost is expected in 2021;
  5. A growth of 4% in private consumption is also anticipated in 2021, etc.

 

To benefit from the above, you may consider opening a company in the State. Several types of legal entities can be set up in areas e.g. research and development, pharmaceuticals and IT. For a smoother and quick company registration process, SIGTAX in Ireland can offer assistance.

Documents needed for the company’s registration

Below are some of the documents that foreign investors may need to prepare and provide for company registration in Ireland. Although each business form requires certain specific documents, these are rather compulsory.
 

  • Personal Identification documents and details;
  • The memorandum & articles of association;
  • The company's list of shareholders and directors, and the nomination for the company's secretary;
  • A declaration of the authorized share capital;
  • A declaration of the registered business office;
  • A declaration of the business activities and address where it will run its operations;

 
 Other requirements

The New Companies Law allows registering businesses to use a prescribed memorandum & articles of association. This enables them to quickly complete their registration processes. Regarding the issue of directors, their number depends on the form of the business. Private businesses in Ireland may have a minimum of one director while public companies are required to have at least two. The directors can be citizens of Ireland, or EU residents. Non-residents of the EU can also be appointed as directors, but they would have to acquire residence permits.

 

Steps for registering company in Singapore

  • Choose and approve the company name (before registering, all Singapore companies must first have their name approved by ACRA- accounting and corporate regulatory authority);
  • Choose the type of your future legal entity;
  • Prepare a company registration documents;
  • Register with Singapore company register;
  • Choose the register address;
  • Open a corporate account and put the statue deposit on it;
  • Register with the tax authority;
  • Register for social insurance services.

The business forms that are available in Ireland

This business form is the Irish version of a Limited liability company (LLC). It was introduced under the Companies Act 2014. Most entrepreneurs prefer this form of business for their private and commercial business practices.

In Ireland, a CLG is incorporated when consortiums such as trade associations, sports clubs, charities, and societies need a separate legal entity & protection. Put simply, a CLG is suitable for non-profit organisations.

The DAC came into force in 2015 under the New Companies Act 2014. It's applicable to companies that want to define a specific business type in their constitution instead of having unlimited power like the LTD business form.

Investors in Ireland can opt for a PLC in the case where they need their business to be listed on the Stock Exchange. A PLC can also be created when there is an ambition to implement a special business expansion scheme. Contrasting a Private Limited Company, the Public Limited Company does not call for a finite number of stakeholders.

The unlimited company is one of the less common business forms in Ireland. And, as its name suggests, it doesn't have limited liability.
 
Three types of this business form exist and these are:
 

  1. Public Unlimited Company (which is without a share capital);
  2. Public Unlimited Company (which has a share capital);
  3. Private Unlimited Company (which has a share capital).

The Irish LP is a business form where some of the partners may have limited liability. Their liabilities for the company's debts are only to the extent of their share capital. It's also worth noting that the LP is not considered a separate legal entity, just like the general partnership.

The SE is generally a PLC type of business registered under the EU Regulation 2157/2001. One can create an SE in Ireland as a holding company, or through a merger, or by changing from a PLC.

Other than the above mentioned businesses, foreign investors in Ireland can establish partnerships and the sole proprietor business form. In order to conduct their business operations commercially in the State, a business office may need to be set up.

Steps for opening a company in Ireland

To successfully register a company in Ireland, you should do the following:
 
 

  • Decide what you want your business's legal form should be;
  • Come up with a name for the business. Usually three names should be proposed and one that is distinct will be accepted;
  • Decide on a convenient location to use as the registered address of the business;
  • Prepare and notarize the statutory documents (partnership agreement, articles of association, or constitution) of the company;
  • Open a bank account where the share capital may be deposited;
  • Register the business with the State's trade register and also the tax office. This should be done in the city where the business will be running;
  • Make applications for special licenses and permits for your business.

 
The final act

In Ireland, the last act of company registration is swearing an oath before the Commissioner of Oaths. The swearing is done by the founder of the business to affirm that the company will fully comply with the Company Acts of the State of Ireland. Subsequently, the founder will register the business with the Companies Registration Office and obtain a Certificate of Registration. A stamp to be used for the company's commercial transactions will at this point be made.

 

How can I quickly open a company in Ireland?

The registration of a company in Ireland does not take much time. It's the last step of registering with the Companies Registration Office that will take a while (about 7 days). To significantly reduce the time for the whole registration process, you can work with SIGTAX. SIGTAX provides lawyers who are knowledgeable with the requirements of the business registration in Ireland.