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October 14, 2013, 09:09:19 AM |
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Ireland could not be better placed for business, it's a natural gateway to Europe.
The change in company legislation regarding the residency of directors and the low corporation tax rate at 12.5% makes Ireland the ideal place to incorporate your company. It is now required that just 1 director of an Ireland company must be a citizen/legal resident in the European Union.
Requirements for Irish Company Formation
Setting up a company in Ireland is a very exciting time, but can also be very stressful! If you are looking to register a new Limited Company in Ireland, I will tailor your company to your exact requirements, and get your business setup off to the best possible start!
However, there are 8 items of information I need from you before we can proceed with your Irish company setup:
BTC COMPANY NAME BTC TYPE OF COMPANY BTC ACTIVITIES OF COMPANY BTC REGISTERED OFFICE BTC DIRECTORS BTC COMPANY SECRETARY BTC AUTHORISED & ISSUED SHARE CAPITAL BTC SHAREHOLDERS
1. Company Name
The proposed name for your Irish company registration must be unique and clearly distinguishable from all other Irish Registered Companies. The use of certain words such as ‘bank’, ‘insurance’, and ‘group’ require special permission. Names thought to be offensive or imply State Sponsorship are also refused. Non-descriptive Words such as ‘services’ , ‘solutions’, ‘Ireland’, ‘International’, and ‘holdings’ don’t carry any weight in terms of distinguishing the name from other companies and are therefore discounted.
2. Company Type
A Private Limited Company is the most common form of Incorporation for people to start their business in Ireland.
3. Company Objectives – Principle Activities
Article 1a of the Memorandum of Association must state the primary objectives of the company in 40 words or less. Your Irish company must also select a ‘NACE’ code prior to incorporation. Don’t worry about this – all we need is for you to out to us the precise activities of your company and we can do the rest. One of our qualified professionals will draft the Memorandum & Articles of Association specifically for your company.
4. Registered Office
The Registered Office is the official address of your company and must be located in the Republic of Ireland. Most official correspondence will be posted to this address. The trading address of the Company may be different from its registered office. Irish-Resident Directors may use their home address as the registered office of their company is they wish. For Non-Resident Directors, click here for more information on our Registered Office Services.
5. Directors
The Directors of a Company are the people who are appointed to run and manage the Company on behalf of the owners of the Company – the Shareholder(s). A MINIMUM OF TWO directors is required. We require the following information on the proposed directors to proceed with the formation of an Irish company:
Full Name Nationality Usual residential Address Date of Birth Business Occupation Names of other Companies that the individual is a director of
At least one of the proposed Directors of the company must be Resident within the European Economic Area (EEA).
If a company has no EEA-resident director, they may enter into a ‘Section 43 Non-Resident Director’s Bond’ which can be arranged by Company Bureau.
Please click here for more information. Alternatively if the company can prove that there is a “real and continuous link with one or more economic activities in the State” then it may be exempted from the requirement for a resident director. It should be noted that Directors have a number of legal duties and obligations imposed by the Companies Acts, other enactments and at common law. On this basis, Directors must be agree on incorporation that they understand these obligations and should therefore be a mininum of 18 years of age.
6. Company Secretary
An Irish Company must have a Company Secretary who is responsible for ensuring that statutory obligations are met with, such as maintaining the books of the company, and ensuring Annual Returns are filed on time. The company secretary can be one of the Directors, a separate individual or a Corporate Entity. Company Bureau can act as your company secretarial mentor or become your company secretary if you require. For more information please click here.
7. Authorised and Issued Share Capital
The Authorised (Nominal) Share Capital of the company is the amount of shares a company can call upon if required. We recommend for most companies an Authorised Share Capital of €100,000 divided into 100,000 shares of 1 Euro each.
The Issued or paid up share capital is the number of shares that have actually been allotted and paid for by the shareholders. We suggest issuing 100 shares of 1 Euro each. The 100 shares are divided between the shareholders to reflect the ownership of the company. E.g. 50/50, 90/10 etc. One person or company can hold all the shares. This is known as a single member company.
8. Shareholders
The Shareholders are the owners of the company. As detailed above, the number of shares issued should be divided in a manner that reflects the proportionate ownership of the company. The shareholders of the company must be be a mininum of 18 years of age on incorporation. The details that we require are:
Full name Usual Residential Address Amount of shares that are proposed to be held in the shareholders name.
When your company is incorporated, Company Bureau will Prepare, Draft and Issue the Share Certificates of the Company, as well as the rest of the corporate documentation for your company registration in Ireland
There are a number of Limited company types:
The shares in a company are owned by its shareholders. If the company is a limited liability company, the shareholders' liability, should the company fail, is limited to the amount, if any, remaining unpaid on the shares held by them. A company is a separate legal entity and, therefore, is separate and distinct from those who run it. Only the company can be sued for its obligations and can sue to enforce its rights.
There are four types of limited company, though I ONLY incorporate private companies limited by shares:
A private company limited by shares: The shareholders' liability, if the company is wound up, is limited to the amount, if any, unpaid on the shares they hold.
The maximum number of shareholders is 99 minimum is 1 shareholder.
(Not Offered) A company limited by guarantee not having a share capital: As this is a public company, there must be a minimum of seven members. The members' liability is limited to the amount they have undertaken to contribute to the assets of the company, in the event it is wound up, not exceeding the amount specified in the memorandum. If a guarantee company does not have a share capital, the members are not required to buy any shares in the company. Many charitable and professional bodies find this form of company to be a suitable vehicle as they wish to secure the benefits of separate legal personality and of limited liability but do not require to raise funds from the members.
(Not Offered) A company limited by guarantee having a share capital: As this will be a private company the maximum number of members is 99. The members have liability under two headings; firstly, the amount, if any, that is unpaid on the shares they hold, and secondly, the amount they have undertaken to contribute to the assets of the company, in the event that it is wound up.
(Not Offered) A public limited company: This company type must have a minimum of seven members. Their liability is limited to the amount, if any, unpaid on shares held by them. It should be noted that it is unlawful to issue any form of prospectus except in compliance with the Companies Acts 1963-2012. The nominal value of the company's allotted share capital must not be less than €38,092.14, at least 25% of which must be fully paid up before the company commences business or exercises any borrowing powers.
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