Limited Liability Company in Ireland
Referred to as the hotbed of entrepreneurship and the international business, Ireland, located at the heart of the European Union, is a great place to live and work. It is a country with strong entrepreneurial spirits and the reason why international businessmen wanting to set up their business in Ireland.
A Limited Liability Company in Ireland is also called a Private Company Limited by Shares (LTD) and is one of the most popular business entity types for private and commercial business ventures in Ireland. The principle benefit of starting an LLC is the limited liability bestowed upon the shareholders of the company. Under the Ireland Companies Act of 2014, LLC companies are not restricted in the activities that they carry and can carry out in near future. It may also interest you to know that, in Ireland, various trading names can be registered under one private limited company to carry out separate activities if required.
Features of an LLC in Ireland
- An LLC is required to have minimum one director and there is no maximum number of directors that a limited company can appoint, but we’d recommend no more than 5
- One company secretary (not the director) is also mandatory who must be the resident within the European Economic Area (EEA)
- A physical working office is mandatory
- The minimum share capital should be no lower than €100
- If the share capital issued is over €1000 it can be paid into a corporate bank account before it can be used for the business but if the share capital issued is under €1000, the amount must be held in cash
- New companies set up in Ireland will have a benefit of 0% corporation tax in the first 2 years of incorporation
How to Set Up a Limited Company in Ireland?
Starting a business in Ireland is a simple and straight-forward process. Here’s a step-by-step guide for you to form your company in Ireland.
- Reserve the company name online. The total cost of reservation is €25
- Fill an application form (Form A1) and submit it to the CRO- Companies Registration Office
- A limited liability company in Ireland shall fill only one document (there are two documents- Articles of Association and Memorandum of Association) instead of two
- Articles of Association must be printed and divided into paragraphs and numbered consecutively. The CRO does not provide drafts of the constitutions – (memorandum or articles of association) to be used by companies. Samples of these documents may be obtained from legal stationers, accountants, solicitors or company formation agents
- The documents must also be attached to the other supporting documents and sent to CRO. Once the authenticity of the documents is checked by the officials, they will accept the company registration application
- So, your company is now incorporated and your company name has been approved. You will now need to purchase a company seal. It must have the company’s name engraved on it and should be used to seal certain documents
- Next step is to open a corporate bank account in Ireland. To open a bank account in Ireland you usually need to have at least one meeting face-to-face. You will also need company documents – including the original certificate of incorporation, your company constitution and a copy of the A1 form
Documents Required to Start an LLC Ireland
- Company name registration certificate
- Proof of the address of the registered office
- Details of directors, shareholders, and company secretary of the new company
- Written consent of directors and shareholders
- Subscribers and details of the number of shares invested
Once the registration is done, you will have to appoint a director and company secretary of your limited company formation. There are many advantages of a limited company in Ireland like, 100% foreign ownership, limited liability, only one shareholder who is allowed to be a foreigner, no minimum share capital, and EU membership.
Setting up an Irish Limited Company doesn’t have to be a difficult task. With the right support and resources, we hope getting your Startup off the ground is a fun and exciting process. If you’ve gotten this far in our checklist and you still have questions, get in touch with us today. We at Business Setup Worldwide and our team of professionals are here to help you each step of the way.