Businesses have a vital role in employment creation, improving the living standards of people and promoting the economic growth of every country. Many people have an interest in investing and even owning businesses in Ireland. What they lack is knowledge on the requirements for setting up a business. Whether you want to start a sole proprietorship, a partnership or a limited company you have to conform to certain rules. The requirements outlined below will be very helpful if you want to start a company in Ireland.
Commissioner of Oaths
You are required to visit the commissioner of oaths office in order to swear that your company has met all the required provisions of the company’s act in Ireland. The commissioner of oaths will go through your incorporation form to check for any discrepancies. After everything has been deemed accurate and lawful by the solicitor, you will take an oath declaring all the information is true. The oath also includes swearing that your company will only operate in the state that you were registered in. The average cost for oaths is €10.
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Acquire the Necessary Forms
All the necessary forms for the registration of a company are available at the Ireland incorporation website. You can download the CRO form A1 and fill all the required fields. These forms must be accompanied by the names of the directors and the secretary in your company; their shareholding ratios, details of the office location and the memoranda and articles of association.
File Necessary Forms With The Companies Registration Office
There are three methods in which your business can file the necessary registration materials with the company’s registration office. Depending on the method you chose, the time for the incorporation of the company may range from five days up to four weeks. If your registration forms are delivered in print and electronic in a pre-approved format, the company can be registered in about three to five days. However, if your submission is only by print format, you can expect to receive your incorporation certificate within ten working days. Finally, if your submission is submitted in print only and is not in the preapproved format, your incorporation certificate will be released after about four weeks. For preapproved memorandum and articles, the cost is about €50 while for the standard registration is about €100.
Acquiring a Company Seal
You are required to create a company seal that will differentiate your company from other company’s. This can be obtained from a seal maker anywhere in Ireland. It is also important that your company keeps the statutory registers for the directors and the shareholders.
You are required to register for social insurance, incorporation tax, and the value added tax with the revenue commissioners. This is essentially free and within one day, you can expect to have cleared with the tax authorities. You are required to fill up the form TR2. However, if your business is not expected to be paying end year taxes, there is no need for registering for the tax identification number. The social insurance is registered immediately after the data is entered into the system. Nevertheless, the VAT registration is normally completed after five working days.
Ireland has a non-discriminative and very conducive business environment. The government has set up various support programmes to support businesses in order to help boost the economy. Investors can take loans to start and even expand their businesses.
Have you tried or set up a business in Ireland? How did you find the experience? Your thoughts and comments below please...