If you want to start a business in Ireland, there are several business entities you can choose from, one of which is a Public Limited Company.
What is a Public Limited Company in Ireland?
A Public Limited Company (PLC) is a type of business entity wherein the company intends to get itself publicly listed on the Stock Exchange. This is done so that the company can offer its shares out to the general public. A Public Limited Company has many characteristics of a Private Limited Company with a key difference being that the shares in Public Ltd are freely transferable.
Features of a Public Limited Company in Ireland
- A PLC must have a minimum of seven members
- Stocks in a PLC are freely transferable
- The nominal share capital must be at least €25,000 for a PLC company
- The name of the PLC must end with the suffix “Public Limited Company” or “PLC”
- There is no restriction on maximum members appointed in the PLC
- The liability of the members is limited to their investment in the company
How to Form a PLC in Ireland?
Setting up your Public Limited Company in Ireland can be exciting and stressful at the same time. Therefore it is advised to take help of a consultant to have a hassle-free registration. The steps to register your business in Ireland are as follows:
- The first mandatory step towards starting a business in Ireland is registering the company name. The name must be unique and clearly distinguishable from all the other Irish Registered Companies
- The next step is to pay the registration fees after submitting the application form and the supporting documents
- Draft a constitution which includes both public limited company and private limited company. The constitution must include both personal information of the company owners, directors, and secretary as well as of the company
Your company in Ireland will be registered in a couple of days if all the documents are authentic.
Post-Incorporation Compliance Requirements
The companies incorporated in Ireland have much compliance to follow post-registering their business. Some of them are as follows.
Annual Return Filing
Every company must file the annual return six months after incorporation. Failure to do so may result in the company incurring penalty fees and possible strike-off proceedings, as well as loss of the company’s audit exemption for 2 years.
Maintenance of Statutory Registers
Statutory books and records must be maintained including a register of members, register of directors and register of debentures etc. In addition, a company is also required to keep minutes of meetings of the members and directors. Directors must prepare and maintain financial records which disclose the financial position of the company.
A corporate tax return must be filed every year. If the company is VAT registered VAT returns must be made in every two months.
If you want to set up a PLC company in Ireland, we at Business Setup Worldwide are here to help you. Our services include company incorporation, registration, IP, Corporate Secretarial Services, Tax, Visa Services, Accounting and Bookkeeping services, and Audit Compliance. Contact us today- even if it’s for friendly advice.