If all documents and formalities are in place, company formation in Ireland takes place within 5 days.
An island country in northwest Europe, Ireland is traditionally known for its vivid scenic landscapes and a cornucopia of folklore. The country has witnesses a shift from an agricultural to an industry and service-driven economy from the 1950s. The primary sectors contributing to the majority of its GDP are services, information technology and tourism. Ireland’s chief exports comprise food products such as potatoes, beef and lamb, minerals like lead and zinc, machinery and pharmaceuticals. Their imports include oil, automobiles and aircraft components.
For setting up a company in Ireland, one can choose from among the following legal entity types.
A Sole Trader or Sole Proprietorship in Ireland can be incorporated by a single member. He/she bears unlimited liability for the debts or obligations of the company. For setting up a sole trader company in Ireland, it is mandatory to appoint a minimum of 2 directors and 1 company secretary.
A Private Company Limited by Shares, or a Private Limited Company, in Ireland is a business entity where the liability of each shareholder is limited to the number of shares that they own. It is required to have at least 1 director. The shares of a Private Limited Company cannot be traded on the stock exchange. This is the most common type of business entity for company formation in Ireland.
A Company Limited by Guarantee (CLG) in Ireland is similar to a Company Limited by Shares, except in that the promoters of the former don’t need to acquire shares and are required merely to pay up their respective guaranteed contribution in case the company is dissolved. The type of legal entity is ideal for setting up a charity or non-profit business in Ireland.
A Designated Activity Company (DAC) in Ireland is a private company limited by shares with the capacity and power, to do only those activities that are specified in its Memorandum of Association (MOA). It is required to have at least 2 directors. A DAC is suitable for joint ventures, as a special purpose vehicle or where there is a need of corporate governance for limiting the company’s activities.
A Public Limited Company in Ireland is one in which the liability of a member is limited to the amount, if any, unpaid on shares held by him/her. Such a company may have any number of shareholders. Additionally, the nominal value of a public limited company’s allotted share capital must not be less than €25,000, at least 25% of which must be fully paid up before the company can commence any business activity or exercise any borrowing powers.
In an Unlimited Company in Ireland, the shareholders bear unlimited liability for the debts or obligations of the business. It is required to have at least 2 directors and can have any number of members. Unlike a Limited Company, an Unlimited Company in Ireland is not obliged to disclose its financial information publicly.
A branch in Ireland can be set up by a foreign company looking to open a permanent establishment in the country. Since a branch is not considered a legal entity separate from its parent company, the latter is liable for its activities and obligations.
Starting a business in Ireland has the following advantages:
Business Setup Worldwide is a platform to help you set up a business in Ireland. We can assist you with company incorporation, registration, corporate secretarial services, intellectual property protection, accounting, bookkeeping, and chartered accountants services in Ireland.
Business Setup Worldwide’s proprietary business design techniques, combined with its regional know-how and global reach, enable companies to anticipate changes in customer priorities and the economic market, and then mould their businesses and improve operations to make use of opportunities created by those changes.
Business Setup Worldwide helps entrepreneurs and investors establish their company in Ireland through incorporation, registration and legal consulting services. Our advisors take care of the entire Banking, Visa, Legal, and Licensing formalities, in accordance with the local and international corporate norms. We guide you through your company formation, with your business objectives at the centre of our operations.
Our commitment to professionalism, business-oriented experience across various domains, proactive learning in the ever-changing global environment, and the ability to conceive innovative strategies and provide comprehensive support in executing such strategies distinguish Business Setup Worldwide, and provide you the competitive edge to scale your company. If you are wondering how to set up a company in Ireland, do reach out to us – we’d be glad to assist.